Looking at the Norwegian Crone/Japanese Yen (NOKJPY) daily chart we can see that it has been ranging for a while after bouncing of our key price level at 12.250 a few months back and has been consolidating since then after failing to break above 12.880.
Now looking to the right we can see that NOKJPY just broke out of our current consolidation and if it manages...
As long as the 50 EMA on the 8 hour chart continues to act as resistence, we can expect NOK/JPY to fall.
It was not able to find support on top of it and thus, it may reverse back down after these few days of consolidation.
A pending order could be placed right underneaght the lows, that is at 13.2, so that you may enter right when the break down happens.
Same as USD/JPY and some other xyz/jpy pairs, NOK/JPY is looking forward to lose more.
No support has been found yet and so we can long term short for now and ride the trend downwards.
Happy trading!
