Good afternoon team,
It looks like we are about to get some movement across all pairs as restrictions are being bought back into play. The JPY has ticked higher across the board due to corona-virus fears.
We are now looking to add a sell position on the NZDJPY in anticipation of a further decline.
Daily Time Frame
There has been a rejection from a key trend line on the daily time frame which has been used as resistance throughout 2019.
NZDJPY 2 Hour Time Frame
There has been a rejection from a pennant formation, we are looking to add a sell position from the top in anticipation of a breakout to the downside.
Trade Setup: SELL market execution, current price 68.95, stop loss 69.75 and take profit 67.60
Stop loss: 80 pips
Take profit: 135 pips