We remain bullish on NZDJPY and have made only a minor change in our previous count. We wrote a week ago about a swing long trade with a great R-R ratio, NZDJPY: Swing Buy Playing Out!.
NZDJPY 1H Chart – April 18, 2016
In the above chart, we see our previous week’s wave count and our 2 buy orders. We got stopped at 74.70 because its important to follow risk management rules and we are starting a new long position at 74.55 with stop-loss at 74.08.
It is important at this moment that NZDJPY should move up in a minor wave 3 of 5 and not break below the lower-bound of the channel.