NZD/JPY Long by pipballer

NZD/JPY: Weekly Chart

Long or Short: LONG

Entry: 70.50

Stop: 68.00

Target: 80.00

Trade Rationale: Yen has been extremely weak and I think it can continue, especially if the new government is aggressive. Furthermore, the pair just broke a long-term resistance level so I think it will have problems trading back below that level. I’m aiming for 80.00, making this a VERY long term trade. Its worth a shot in my opinion!

very nice find but it could be a false breakout, when you have so a long term resistance, dont just jump the gun yet
wait for it to test the “support” (which was originally the resistance) first
you need confirmations first! but nice find overall!


I’ve been on board this long since 67.50. I’m down for a run all the way to 80. :slight_smile:

I’d agree, nice spot, but personally I’d wait for a retest. I actually had a short order that was not filled a few days ago, so am currently watching the same chart as there does seem to be some breathing room for a long… but I will wait for a retest. Interesting chart, though, has potential!

also, if it’s a false breakout, it will be a super strong sell signal
so this is the turning point
either very strong bullish or bearish setup
both ways will make alot of pips once confirmed

Nice setup!!!
Japan’s elections today. Thie victor will decide Yen prices for 2013.

seems this is most likely a false breakout

Weekly Chart – NZD/JPY

ENTRY: 69 this is the break out of last bar

STOP: 71.6 for 240 pips

TP: at 61 for 800 pips
R:R: 3:8

Trade rationale: The 69 resistance has been set since the October of 2009. It has just turned into a false breakout, nzd/jpy has been in trading ranges for the past 3 years, I rather fade the breakout then try to catch it, if I got stop lossed I will reverse and buy at 72 because it indeed indicates a breakout, in the stoch indicator it shows it has been over bought and just the lines just crossed indicating a sell, also this high was higher than last one but the stoch is the same indicating a bearish divergence
Also, RSI just went touched 70 and on a decline now. All indicators show this is sell, with good enough odds, I will short this setup every single time I see it!

anyway thanks for finding such amazing setup

Merry Christmas, and good luck in trading