NZDJPY had been Bearish on the H4 and daily chart. However, yesterday’s daily candle was very Bullish and it seems that the pair might try to change its direction. Today’s price action has been Bearish, but the last two H4 candles still within a strong level of Support. If that Support level is held, and we get an upside breakout, then buying the pair would get us some green pips with an excellent risk and reward ratio. Let us have a look at the H4 NZDJPY chart.
NZDJPY Price Action Analysis – 15th Feb 2018
The level of 78.420 is the key here. As long as this level is held by the H4 candles today, and we get an H1 breakout at 78.885 after having an H4 Bullish reversal candle within the key level of support, then the price would head towards the North without having that many pauses as far as this chart is concerned. Let us have a look at the summary of the trade…
- Buy Stop Order: 78.885
- Stop Loss: 78.420
- Take Profit: 79.640
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The NZD has a high impact news event today at GMT 22.30. This means the pair has enough time to make the breakout and offer us the entry. If the pair takes too long to make the breakout, then we might have to skip taking the entry. Ideally, the breakout should take place at least 4 hours early than the news event’s hour. Let us hope that we get the breakout early enough so that we are able to take the entry.
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