NZDJPY Free Forex Trading Signals – 24th Nov 2016
We saw some good moves yesterday. What most important is most of the pairs that moved yesterday, kept the momentum and look good today so far as well. As far as I am concerned, today NZDJPY might be one of the pairs that might offer us some buy entries. Have a look at the 4 hourly chart of NZDJPY below…
Let us have a look at the level of 77.630. The level has become a flip over support and continued to push the pair up to the level of 79.000 so far. We had some 4 hourly corrective candles checking the level of 78.500. As I am writing this analysis, the pair seems to be making a 4 hourly breaking candle ( the last 4 hourly candle). If the level of 79.000 gets broken by this 4 hourly candle, then it will be excellent option to go long on NZDJPY by targeting the level of 82.000.
However, it might take some time to up to the level of 82.000. Thus, our first target should be 79.900. This gives us a risk and reward ratio of 1:2. This is going to attract more buyers to buy NZDJPY today. Today there is a bank holiday in the US. This means another reason to shift on the pair that is not correlated with the USD.
Let us quickly see some of the conditions to take long entry on the pair
- 4 Hourly candle has to be very bullish breaking the level of 79.040 handsomely.
- Stop loss has to be set down today’s lower low, which is the level of 78.500.
- Take profit should be set at the level of 79.900.
- The signal should be created today within GMT 1800. If it comes later than that, then we might as well not take the entry depending on the calculation that I have presented here.
It took us some time to post this one but we wanted to wait for the right signal before giving out this free Forex trading signal. We hope that you enjoy post today: NZDJPY Free Forex Trading Signals – 24th Nov 2016
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
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