This setup on NDJPY looks like a fantastic long opportunity worth trying to catch a great bunch of pips.
1. Over the last weeks it has been following a downtrend, due to the strength that the JPY undertook, caused by economic uncertainty, US-China conflicts, and the RBNZ even lowering further interest rates.
2. However, since the start of september, we can see how this pair has started to gain strength, recovering from the losses and pushing heavily to the upside.
3. This is due to greater optimism in future US-China coversations, causing JPY to loose that strength it had gained.
4. Technically, looking at this daily chart, we can see how price has been able to break to the upside the monthly resistance (now monthly support). Looking at the 4h chart, price retested this zone before pushing again to the upside, signalling us that price could come back again to retest again that monthly resistance around 72.650 - 74.300.
We have a very juicy 1:3.5 risk-reward ratio.
Tp: where the next monthly resistance zone starts, around 72.650
Sl: around 68.360
GOOD LUCK!!
1. Over the last weeks it has been following a downtrend, due to the strength that the JPY undertook, caused by economic uncertainty, US-China conflicts, and the RBNZ even lowering further interest rates.
2. However, since the start of september, we can see how this pair has started to gain strength, recovering from the losses and pushing heavily to the upside.
3. This is due to greater optimism in future US-China coversations, causing JPY to loose that strength it had gained.
4. Technically, looking at this daily chart, we can see how price has been able to break to the upside the monthly resistance (now monthly support). Looking at the 4h chart, price retested this zone before pushing again to the upside, signalling us that price could come back again to retest again that monthly resistance around 72.650 - 74.300.
We have a very juicy 1:3.5 risk-reward ratio.
Tp: where the next monthly resistance zone starts, around 72.650
Sl: around 68.360
GOOD LUCK!!