NZDJPY 30m 11-04-2016NZD/JPY today’s rally has become quite vertical, demanding the 100% Extension level 74.510.

This level is very important also due to being once support now resistance.

This trade setup is meant to be an intraday trade and ideally it would be closed by the end of this trading session because we do not want to run the risk of another reversal which would target 38% retracement around 74.900 levels.

This rally comes in a zigzag correction wave, with (C) wave having completed 1-2-3. The purpose of this trade signal is to catch the retracement of the 4th wave down to 73.7

NZDJPY 4h 11-04-2016

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