Textbook Setups Showing Up On NZD/JPY

By CurrenciesOct 26, 2012 01:13AM ET

www.investing.com/analysis/textbook-setups-showing-up-on-nzd-jpy-141225

Textbook Setups Showing Up On NZD/JPY

By | Oct 26, 2012 01:13AM ET

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NZD/USD

-0.24%

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NZD/JPY

-0.47%

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NZD/JPY is a pair I've been trading a good bit lately from the long side. NZD has been running budget and trade deficits for much of 2012, although I think they are more likely to turn those into surpluses in 2013 than most other major economies (and the currency still offers an overnight rate of 2.5% -- high in today's world of 0% central bank rates in major economies). Japan's woes have been discussed extensively here on InformedTrades -- see our infographic on the Japanese debt crisis.

So, I've been looking for long NZD/JPY opportunities.

The chart below illustrates some opportunities I recently took for profit. I entered at the support level highlighted, and sought a reward/risk ratio of 3:1. I've exited most (but not all) of my position as price approached 66. Incidentally, the sharp run up did offer traders a 5 bar reversal setup -- a good setup for shorting an overheated market.

NZD/USD" title="NZD/USD" width="1365" height="626">

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Textbook Setups Showing Up On NZD/JPY

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