My picks: Range Trade NZD/JPY
Expertise: Fundamentals and Technicals
Average Time Frame of Trades: 2 - 10 Days
The spike in the NZD/JPY last week triggered my stop at 58.15 last week, but the lack of momentum to break above the April high paired with expectations for a 25bp rate cut by the Reserve Bank of New Zealand favors a bearish outlook for the pair, and I will attempt to range trade the kiwi-yen following the sharp retracement this week. I entered a short trade during the overnight at 58.10 following the pullback in the pair, and have placed my target at 55.37, the 50-Day SMA, with the stop at 59.39, the 4/13 high.
