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NZD/JPY Range Setup (November 7, 2013)
NZD/JPY is about halfway through in climbing to the top of its range on the 4-hour time frame. The pair is approaching the 83.50 minor psychological level, which could hold as resistance.
Stochastic has made its way into the overbought region and has crossed down, indicating that Kiwi bears are ready to push the pair down. A selloff could take the pair back to the bottom of the range at the 80.50 minor psychological level or at least until the middle around 81.50.
Shorting at market with a stop above 83.50 and a target of 80.50 could serve as a good swing trade. More conservative traders could wait for the actual test of resistance for a better return on risk.
By Kate Curtis from Trader's Way
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