Trade Recommendation: NZDJPY

The price bounced from 76.00 support level. RSI confirmed price reversal and MACD supports upward movement. It’s buy opportunity based on the daily time frame. The weekly chart also gives bullish signals from MACD and RSI and it’s an additional confirmation that the market is going to move upward. Pending orders for buy should be placed above SMA20 at 77.80 level. Stop orders must be placed at 75.80 level. Profit targets are 79.30 and 83.00 levels. Don’t risk more than 3% from your deposit in this trade.

Market: NZDJPY
Buy: 77.80
Stop: 75.80
Profit Targets: 79.30 and 83.00

Disclaimer: The analyst does not have investments in NZDJPY.

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Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.