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NZDJPY Trade Plan (Nov 5)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-11-05_16-06-32-NZDJPY2

Dear Carry Traders,

I have posted recently that you should wait to buy this pair for a while.  The main reason for this was the Bearish Divergence on the Daily Stochastic.

NZDJPY1

As you can see (above), the price dropped for the last 2 days, and the Stochastic came down to 25% level, but not crossing up yet.

So get ready to buy, but not just quite yet.

As usual, the buy zone should be somewhere between 38.2-61.8% Fibonacci.

Looking the Hourly Chart (Below), the price is still riding 21EMA, which means “Very Bearish”.   So you have to wait until you see Higher Low & Higher High, before you can buy this pair again.

2015-11-05_16-06-32-NZDJPY2

 

It could be tomorrow, or it could be next week.

 

Hope this analysis helps you build up your own plan.

 

YJ Baik – Forex.Today @ Tokyo

 

 

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