Fashion games gather!
The NZD/JPY is making higher highs and lower lows on the 4-hour chart, Yo!
Who else is looking at this setup?
NZD/JPY 4-hour forex chart Planned by TV
The NZD bulls have an opportunity to jump to the upside while the NZD/JPY is still hanging at the bottom of the ascending channel that has been in place since the beginning of the month.
In fact, the price is also hanging just above the 200 SMA!
Long trading at the current levels will result in an appropriate risk ratio, especially if you place your stops just below the channel and aim for the May highs near 87.25.
Feel like shorting NZD/JPY instead?
You can also sell NZDJPY once NZD/JPY breaks below the channel and 200 SMA support area that we are watching.
what do you think? Which way will NZD/JPY go next?
Whichever bias you choose to trade, be sure to use a trading plan and implement the best risk management moves in your playbook!