NZD/JPY: something is cooking...

[xelite777]

This is the 5 min chart. Here NZD/JPY broke the first support line (trendline A) but there was no real follow through. But then a second support line appeared (trendline B).

I call this relatively rare pattern the "Double Burger" pattern. If the price breaks through that second support line and closes at 85.00 or below I will consider shorting this pair.

To be continued....

 

[xelite777]

The extremely important Bank of Japan Monetary Policy Statement is due in less than 65 minutes (8 PM New York time).

This could move the Yen and its crosses in a big way!

Hopefully in my favor...

 

[tradingjournals]

Those Japan announcements, in the recent past, have been a passing of air.

 

[xelite777]

Quote from tradingjournals:

Those Japan announcements, in the recent past, have been a passing of air.

True, but one thing is for sure, the NZD/JPY (5 min) cannot stay inside this channel forever.

(New Zealand Credit Card Spending report due in 45 min, 9 PM New York time)

 

[xelite777]

A short trade on the NZD/JPY is now being considered if price closes at or below 85.25 (instead of 85.00).

 

[xelite777]

Breakout is on the other side, buying NZD/JPY at 85.65

 

[xelite777]

Come on NZD/JPY, get up there boy, don't be shy, I know you want to go to 86.00, kitty kitty kitty...

 

[xelite777]

Quote from xelite777:

Breakout is on the other side, buying NZD/JPY at 85.65

Out at 85.58 (7 pip loss), trade is not acting like it was supposed to, so be it.

I will get you next time NZD/JPY

 

[xelite777]

Oh, I see, a bull flag pattern now, eh?

Don't worry NZD/JPY, I will be waiting for you right around the corner...

 

[xelite777]

Now this is even more interesting.

We have a false upside breakout, a phony bull flag pattern (see preceding post) and now it seems like the NZD/JPY is finally breaking down.

But this time I will wait for a confirmation before shorting this pair.