Short in NZDJPY
I am currently in a short position on the NZDJPY currency pair. This decision is based on the technical and fundamental analysis I have conducted, which indicates that the price has reached a key supply zone.
Upon careful observation of the chart, I have identified that the price has reached a significant resistance level, suggesting a high probability that the bearish trend will continue or even intensify. Furthermore, the technical indicators support this outlook, showing bearish divergences and signs of bullish exhaustion.
Additionally, considering the fundamental landscape, the Japanese economy exhibits signs of strength, while New Zealand's economy is in a relatively weaker position. This could translate into increased demand for Japanese yen and downward pressure on the New Zealand dollar.
In conclusion, my current strategy involves maintaining a short position on the NZDJPY, capitalizing on the supply zone and the technical and fundamental signals that support a bearish trend. I will closely monitor market movements and adjust my trading plan accordingly to maximize profits and effectively manage risks.
Upon careful observation of the chart, I have identified that the price has reached a significant resistance level, suggesting a high probability that the bearish trend will continue or even intensify. Furthermore, the technical indicators support this outlook, showing bearish divergences and signs of bullish exhaustion.
Additionally, considering the fundamental landscape, the Japanese economy exhibits signs of strength, while New Zealand's economy is in a relatively weaker position. This could translate into increased demand for Japanese yen and downward pressure on the New Zealand dollar.
In conclusion, my current strategy involves maintaining a short position on the NZDJPY, capitalizing on the supply zone and the technical and fundamental signals that support a bearish trend. I will closely monitor market movements and adjust my trading plan accordingly to maximize profits and effectively manage risks.
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