NZDJPY – SELL STOP – 13th January 2021

NZDJPY – SELL STOP – 13th January 2021 (Closed)

Good evening trading floor,

A couple of positions are on the way out this evening. Firstly, we are looking for a continuation on the NZDJPY position.

NZDJPY – 4 Hour Charts

The trend line resistance worked well for our position last week. We are now seeing a rising channel / corrective structure higher, this can also be known as a bear flag. A bear flag pattern can occur prior to another drop in the market. We are no waiting for the next breakdown to enter a short position on the pair.

NZDJPY – 1 Hour Charts

Trade Setup: SELL STOP – Entry Point 74.80, stop loss 75.25 and take profit 74.00-73.80.

Stop loss: 45 pips

Take profit: 80-100 pips

If the market breaks to the upside of the flag formation that indicates a continuation to the upside may occur, so you can close down the order.

Trade Setup
SELL STOP

Entry
74.80

Take Profit
74.00-73.80

Stop Loss
75.25