Finally we see red candles on the chart!
We wanted to buy NZDJPY (or AUDJPY) for Carry Trades. But we cannot buy while the price is going up.
Yes, we need red candles before buying.
I have identified 4 buy zones on H4 chart (below).
Since I see Bearish Divergence on Stochastic, I feel the price may drop further. BUY ZONE 2 & 3 smell good.
In case the price drops below Fib 61.8%, then we may have to re-consider this plan.
The target? This is a carry trade plan. So the target is to move the stop to Even.
Basically AUDJPY should be the same.
Hope this helps your analysis.
YJ Baik – Forex.Today @ Tokyo