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NZDJPY Trade Setup (Oct 6)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
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NZDJPY pair has shown significant rise.

I was surprised to know NZDJPY is the only pair among other YEN cross pairs that Daily Ichimoku chart shows a strong”BUY” sign now.

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<Strong Buy sign in Ichimoku>

a) Candles are above Clouds
b) Chiko-line (aka Delayed-line … in purple) is above the candles
c) Tenkan line > Kijun line

 

Thus for Carry traders, your season may have begun.

 

Looking at H4 chart below, the price broke the range significantly.  So simply we should buy this pair, after the pullback.

As always, try to buy from Fibonacci 38.2 – 61.8% range.   Notice Fib61.8% is Role-Reversal Support.

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If you are spot traders, you can set your target as Fibonacci 138.2% or 161.8%.

However, if you are carry trading, your goal is to set the stop to Even, and let it run.

 

AUDJPY seems to show the similar price action.  Only the difference is… Ichimoku chart doesn’t show “BUY” sign for AUDJPY.

 

Hope this setup helps you build your own setup.

 

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

 

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