Japanese Yen Cross Pick 06.10.09

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

The sell-off in the New Zealand dollar during the previous week triggered my NZD/JPY short entry at 61.95 however, I tightened the stop to 61.20 following the dip below 61.00, and the rise in the pair this week closed my position with a net gain of 75 pips. Meanwhile, as the kiwi-yen continues to find resistance near 62.90-63.00 (61.8% Fib of 0.4894-0.6954) I have placed another short entry at 62.71, the 6/5 high, and place my target at 60.23, the 6/4 low, with the stop at 63.35, the yearly high. However, as the Reserve Bank of New Zealand is anticipated to hold the benchmark interest steady later today, I will take the trade off if it fails to trigger by the end of the U.S. session.