NZD/JPY
Looking to split orders between two levels that have .50 and .61.8 fib support and 200 MA support respectively.
The current drop seems to be correlated to Nikkei sell-off so a defensive approach would favor the lower level. It is also better priced for a long and somewhat better defined, esp. by that nearby range. It also has additional .50 fib support if the extension is drawn from a lower low. Since the pair is still stuck in a long-term range, I would look to book profits sooner than later.
Looking to split orders between two levels that have .50 and .61.8 fib support and 200 MA support respectively.
The current drop seems to be correlated to Nikkei sell-off so a defensive approach would favor the lower level. It is also better priced for a long and somewhat better defined, esp. by that nearby range. It also has additional .50 fib support if the extension is drawn from a lower low. Since the pair is still stuck in a long-term range, I would look to book profits sooner than later.