It has been a while since I have not posted a trading analysis.
Last time I wrote about GBPJPY, I was bullish.
The pair has gone up around 200 pips and then down and currently is closed in a very tight range.
To be quite frank with you, it has been a very tight-range trading month across the board, but this is normal for the Christmas period.
NZDJPY Trading Analysis for 15th of December
Today, I will walk you across another JPY related pair.
I am currently looking at the NZDJPY pair.
There is a minor supply zone and this place coincides with an inside bar day that formed a couple of days ago.
I will be looking for a potential retracement back to 73.60 and possibly consider shorting it.
The first target that I am looking at is the level of 73.00, which is only 60 pips below.
The next potential target could be the level of 71.50, which would be around 200 pips below the potential entry point.
All in all, I am not expecting huge amounts of volatility, therefore be careful.
On another side not, bear in mind that this would be a hypothetical trade against the trend, which usually is less favourable than a trade in the direction of the trend.
Have you checked my recent article on Price Action Patterns?