Trade ideas

BUY 69.10; TP 69.70; SL 68.90

SELL 67.75; TP 67.25; SL 67.90

NZD/JPY is surviving a time of correction/consolidation within the long-term downtrend. The pair’s currently in the center of the range and the decisive battle of bulls may take it above to its higher border in the 69.70 area (the declining 100-day MA; 50% Fibonacci retracement of the July-August decline). To take a chance to test this area, the price firstly wants to get up the interim resistance of 69.00 (Oct. 11 high). If market sentiment turns sour and NZD/JPY gets rejected on the upside once again, the fall beneath 68.00 (50-day MA) will make it vulnerable for a decline to support line in the 67.15 zone. 

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