Long

NZDJPY - Long on Friday after NFP

Updated

Took long on NZDJPY on Friday 2021-06-04 20:52:23 after NFP.

Note

Overall View : NZD is more bullish than JPY.

Reports that Month-end flows was the main culprit to blame for the big jolt higher in the JPY at the end of May as Citi bank noted that Japanese investors are expected to sell the JPY in order to hedge against foreign bonds.

RBNZ at May Policy Meeting signaled potential move to BOC (Bank of Canada). CAD moved alot higher of the next few weeks, oil appreciation notwithstanding.

Trade active

Conservative Trade in terms of monetary risk only 1%, low RR at 1.59R.
Technically a good trade.
Chart 1 - Daily close above 20 Day SMA, 50 Day SMA provide support, but weaker as my SL is going to be right in that support zone.
Chart 2 - Not so strong as closed between weekly and monthly P and S1. Weekly and Monthly S1 are support, but right in my SL zone.
Chart 3 - 8/21 EMA flattening but close above 21 EMA.
Chart 4 - Parallel Channel, but it a bit of failed channel, look for retest of channel underside. Adding Alarm on that area,

Trade closed: stop reached

So stopped out, probably to be expected given my SL placement. Admittedly I was looking for quick upside as it had already fallen, but didn't go that way.

Reading my Chart 1 to 4 rating, it wasnt that strong a technical trade.

Oluwawithin

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.