8 Sep 2014

PLAYING THE CHANNEL ON NZD/JPY





NZD/JPY DAILY

The rate has rebounded from the rising channel support, 50 % fib retracement from the last time rate tested the channel support to the yearly high, and this level also acts as the old resistance turned support.

Today we got a short term trendline break and also rsi has broken the bearish momentum.

Add the fact that we got an upside break in the Japanese stock market index Nikkei 225 last week, which is corrolated to all the yen based pairs, the overall ''risk on'' move in the markets today, and I would say we have a good chance of heading for the channel resistance.

I am going long at 87.05 my stop's at 85.80 and my targets are 88.30 and 90.00

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