The market gapped up into resistance to start the week on NZDJPY
; moreover, I'll call the gap a novice gap that gapped in the direction of the upwards short-term trend. Price is also below a downward sloping 50 simple moving average
. These factors, as well as the bearishness we are seeing on NZD across the board, led me to put on a short NZDJPY
. I'm set to enter at 87.32 with my stop at 87.92 and my target profit of 84.82. This means I'm risking 60 pips to gain 250, or a reward/risk of 4.17.