NZDJPY Price Action Analysis – 10th Oct 2018
NZDJPY has been Bullish on the H4 chart after making a breakout at the down trending Trend line. In fact, the H4 chart suggests that the price made a Double Bottom at a significant level of Support. Today’s first H4 candle came out as a strong Bullish candle and the next one came out as an Inside bar. If an H4 candle makes another breakout at today’s higher high, then buying the pair would get us some green pips. Let us have a look at the H4 NZDJPY chart.
The level of 73.040 produced a strong Bullish H4 candle today. Then, the level of 73.435 played its part. It has been working as a level of intraday Resistance. If an H4 candle makes a breakout at that level, then the price would head towards the level of 74.000 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 73.435
- Stop Loss: 73.040
- Take Profit: 74.000
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
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There is no high impact news event either on the NZD or the JPY. Thus, we are safe to take the entry at any time. I assume the signal might come at GMT 10.00. If that happens then the price would hit our target at a very good pace. If the signal comes later such as at GMT 14.00, then we might have to wait up to tomorrow for the price to hit our target. Let us wait and see how it ends.
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