Thursday, October 25, 2012

NZDJPY Channel Short Trade

Pair NZDJPY is rising in a ascending channel and currently price is about to touch channel's upper trendline. NZDJPY short Channel Trade
That area also coincides with the horizontal resistance area. I am expecting this area to hold now.

On lower timeframe 30Minute, price has broken down the trendline. I am expecting this to go down further. NZDJPY short Channel Trade
I opened short at current prices 66.90 for a possible move towards the mid of channel. I plan to add one more short at touch of channel.

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