Previously I posted NZDJPY Carry trade entry.
As shown below, our first choice was to long from WPP. I hope you successfully entered the trade and moved your stop to “Even” by now, and pray this trade won’t hit SL for a long time!
Since the price is still above 21EMA, we should aggressively look for another Long entry.
As usual, our entry target is somewhere between Fibonacci 38.2 – 61.8%. But specifically Fib 38.2% happens to be Role-Reversal support.
Thus I will carefully monitor this level.
Oh, one more thing. Among all YEN cross pairs, NZDJPY is the ONLY pair that Daily Ichimoku is showing “BUY SIGN” !! Good for carry trading, right?
Hope this setup helps you build up tons of NZDJPY carry trades.
YJ Baik – Forex.Today @ Tokyo