Political instability in New Zealand has depreciated the NZD by a large amount, however bearish news from Japan would establish a ranging market in the NZD/JPY pair. Based on Technical analysis the NZD/JPY pair has reached current resistance levels with signs of price instability. A long position was taken with Previous Structure High and Lows serving as SL and TP points. The trade is expected to have a Risk-Reward ratio of 2.8 and a trade duration of 3-4 days.
Trade closed: stop reached