Japanese Yen Cross Pick 06.17.09

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

The NZD/JPY failed to reach my sell-entry at 62.71 ahead of the Reserve Bank of New Zealand’s interest rate decision last week however, as the kiwi-yen fails to break above the yearly high of 63.35, the double top formation could play out, and we may see the pair retrace the advance from May. As a result, I have place a short entry at 59.52, the 5/26 high, and set my target at 56.42, the 5/13 close, with the stop at 60.84, the 20-Day moving average.