So, I love being long this pair because of the carry. Anyways, I actually have a technical reason to be in now. I jumped in early but we are really close to a confirmation.
I'm watching overbought on the 15 min to add positions.
Since the beginning of April this pair has been in a good uptrend. At this point it looks to reverse and retrace a bit. Plenty of missed pivots to go back to.
I'm looking to short in the zone shown or a breakout to the south.
NZDJPY has a carry I Iike, so even though I have been waiting on this trade I jumped in without total confirmation. The trend line coming down from above is drawn on the weekly. With the support below I am thinking its time for it to edge up and test that baby.
Ok, so as I zoomed out to daily I see more reasons why I'm digging this trade. Resistance tested a few times than broken and retested as support. Also, confluence with the FIB retrace at the 38%.
I am waiting on a move north on the 60 minute chart to start building positions back to the high.