Good afternoon Forex Kings,
Looking across the JPY pairs, the NZDJPY appears to provide a great risk to reward which is being supported both fundamentally and technically.
The JPY has strengthened across all currency pairs. News has emerged that the US embassy in Iraq outside Baghdad has been attacked with multiple missiles. The US military has been ordered to leave Iraq by their President.
NZDJPY Technical Analysis
NZDJPY – Daily Charts
The pair ran into a major resistance zone which suggests we could now see some downside on the pair.
4 Hour Charts
Trade Set Up: SELL LIMIT – Entry Price set at 72.40, stop loss set at 73.20 and take profit of 71.00.
RISK: 80 PIPS
Profit: 140 PIPS