Curreny/Ichimoku: NZDJPY 5-30-07: Trade Setup

  • Home
  • /
  • Blog
  • /
  • Curreny/Ichimoku: NZDJPY 5-30-07: Trade Setup

NZDJPY currency pair has been going sideways for close to two months now. We are going to setup for a bullish breakout long term trend trade.
Below is the chart. All the Ichimoku indicators are indicating bullish. Also, price is getting ready to run into a huge Kumo cloud where it would have to penetrate the huge width of this cloud in order to move into a bearish sentiment.
nzdjpy_5_30_07__daily.png
Profit targets are unknown at this time since this is the all time high for this pair. There is no history to give us some resistance values. If you use Fib values, price targets could be 89.074 (1.414), 89.775(1.500), and 90.736(1.618). We will be getting in right after the 1.414 Fib value so the next Fib value is 1.50 at 89.775. This will be our first resistance value we should expect and watch. The next will be at 90.736 which will be our second resistance value to watch.
nzdjpy_5_30_07__daily.png
For EDUCATIONAL USE.    Commodity Futures Trading Commission, Forex, Futures, Equity and options trading has large potential rewards, but also large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provide d on the Blog is for educational purpose .