NZD/JPY 1D

Published on Tuesday January 17th, 2012 at 09:24PM by Evermore

Hi,

Here is an image of NZD/JPY daily chart. We see that price have formed a long-tailed candle showing a rejection of 60.61 resistance zone, which is now our new support.

I managed to entry at the pullback, so now that the trade is showing a profit and having break the obvious level at 61.11 we can expect a move higher near the 62.00 or even the 64 area, all will depend on market conditions.

Another aspect that allow to take this trade confidently was the fact that all the mayor pairs were showing signs of reversal or indecision -we can see the similar setups in GBP/USD, AUD/USD, NZD/USD-

Happy trading.