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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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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