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NZDJPY Channel Resistance Play (Sept 2, 2014)
NZDJPY has been trading in an uptrend, as a rising channel can be drawn on its recent price action. The pair is still making its way to the top of the channel, which might hold as near-term resistance.
The top of the channel is at the 88.00 major psychological level but it appears that buying pressure is already starting to weaken, with stochastic moving down from the overbought zone. This could lead to a selloff back to the bottom of the ascending range, which is around the 87.00 major psychological support.
Shorting at 88.00,with a tight stop and a target of 87.00 could yield a good return-on-risk, although this would be a countertrend setup. If you are bullish on this pair, you could opt to wait for the bounce off the channel support instead.
By Kate Curtis from Trader's Way
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