Dear Carry Traders,

NZDJPY pair started the week with a big gap down, and currently the price just filled up the gap.

Last week, I suggested to hold to buy this pair for Carry trades based on Daily chart.


The price has been rejected at 83.00 for a long time, and I see Stochastic Divergence.  Thus I still believe the price will NOT make a higher high.

Perhaps we should wait until the Stochastic goes down, and cross up again.   That may take a few days, or a week.

Below is H4 chart.  The price didn’t make Higher High, but made Lower High, and someone may argue this will form a Head and Shoulder pattern.

Stochastic wants to go down for a while.  (Scalpers may want to short this pair…  But for Carry Traders, we only buy right?)


As a suggested Buy Zones, I would suggest to try from

a) 80.10 (MPP, WS1)
b) 79.30 (WS2)
c) 77.40 (MS1)



Anyway, it is not a great timing to buy this pair.

When the timing is good, I will post the setup again.


YJ Baik – Forex.Today @ Tokyo



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