Buy NZD/JPY | Oct 15, 2019

Having seen previous sharp fall in NZD, deep retracement like FIB61.8 on NZD/USD was anticipated. Then NZD bounced when almost all major currency bounced against USD and JPY.

Recently JPY has been losing because global tensions like US-China trade war and Brexit are easing.

Therefore, we decided to buy NZD against JPY.

Note that I analyze NZD/USD and USD/JPY to determine trade setup on NZD/JPY because the two are more popular than it.

Condition for long position has been met on H1 of NZD/JPY.

I have got R:R::1:1 by targeting just previous high with SL below thrust of NZD/JPY.

I am not targeting much because NZD has been weak in long term.