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BK – NZD/JPY Short Big Trade 01.05.2016 +84
1/5 -- Close NZD/JPY Short at 78.96 for +84
1/5 -- First Entry Triggered
Place Order to Sell 1 Lot NZD/JPY at 79.80
Stop for ALL 83.60
Investors are still nervous and with our USD/JPY trade idea we are looking for a deeper correction before buying. With NZD/JPY we want to ride the move lower. At the very first dairy auction of the year, prices turned negative which is not a good start for the New Zealand dollar. Unexpected changes to dairy prices typically have continuation in the Asian trading session so between the drop in dairy prices and risk aversion, NZD/JPY could test the 23.6% Fibonacci retracement of the November to August decline near 77.50. The currency pair also appears poised to close below the 100-day SMA which would represent a significant trend change for the pair.