Japanese Yen Cross Pick 06.03.09

[B]My picks:[/B] Range Trade NZD/JPY
[B]Expertise:[/B] Fundamentals and Technicals
[B]Average Time Frame of Trades:[/B] 2 - 10 Days

The New Zealand dollar surged to a fresh yearly high against the Japanese yen, which failed to trigger the short NZD/JPY entry I placed at 57.72 last week. However, as the Reserve Bank of New Zealand is widely expected to lower the benchmark interest next week, I expect to see a corrective retracement to follow over the next few days of trading. As a result, I placed another short entry at 61.95 earlier this week, and placed my target to 58.54, the 5/27 high, with the stop at 63.35, the 2009 high.