NZDJPY: Trading at an important level, waiting for breakout
The NZDJPY is trading near the long term resistance level of 63.89, in the short term charts that level accounts for the range 63.84 – 64.79:
I would like to see the NZDJPY trading above 64.79 to start looking for long trade opportunities.
Here is my plan:
If the NZDJPY breaks the short term resistance level I will start to look for long trade opportunities. All my TP orders will be set just below the next long term resistance level around 66.25
If the NZDJPY breaks the short term support level I will start to look for short trade opportunities. All my TP orders will be set just above the next LT support level around 62.64.
If the market keeps trading in between the short term range I will do nothing.