NZDJPY 1H – April 15, 2016
Two days ago, we posted a Buy Alert that had a good Risk-Reward ratio and at the moment we are on the money.
NZDJPY retraced exactly 38% of wave 3 to complete its wave 4. In order for this wave 5 to be confirmed, we need to see a break above the previous high at wave 3.
We are positioned long in this pair with 2 buy orders (see chart) and our target for liquidation is the upper-bound of the channel, 76.40 – 76.60.
We have an adjusted stop-loss at 74.80 because a break below that level would bring more confusion and uncertainty.