Let’s pull another one of our favorites – the NZD/JPY.
Don’t forget we may see a little slow down in the JPY as Japan celebrates Children’s Day.
We saw a big movement up followed by a downward expanding channel. It seems there is still more potential for more downward movement – potentially to the 63.00 level – which is right around the 38.2% retracement level.
In the longer term, once the downward movement has completed, look for a continuation of the upward movement.
Good luck with trading and be sure to use your money management and apply your stops.