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....
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...
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)
A short trade on the NZD/JPY is now being considered if price closes at or below 85.25 (instead of 85.00).
Come on NZD/JPY, get up there boy, don't be shy, I know you want to go to 86.00, kitty kitty kitty...
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
Oh, I see, a bull flag pattern now, eh? Don't worry NZD/JPY, I will be waiting for you right around the corner...
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.