Points to consider
-JPY in general has been gaining strength in this year. Most notably, USDJPY was the first major one to really give way to its strong support
-Lower highs respected in this pair, although we have yet to see lower lows
My approach
In my opinion, a fundamental change is happening in JPYs and that is shown on the charts. Yes this zone may again be a good area to try for a buy but considering the backdrop of jpy's strength (clearest depiction in USDJPY), I would urge you all to take a more cautious approach when analyzing this pair. With all due respect, I feel that a break below is coming soon in the next major move for NZDJPY (no clear signs yet) but at the moment I'm not looking to enter. So my approach would be to find other opportunities and just skip this :) If you really want to look for carries, chf is still our good friend...
Of course if you have strong conviction, go ahead!
And all in all good luck have fun :D
-JPY in general has been gaining strength in this year. Most notably, USDJPY was the first major one to really give way to its strong support
-Lower highs respected in this pair, although we have yet to see lower lows
My approach
In my opinion, a fundamental change is happening in JPYs and that is shown on the charts. Yes this zone may again be a good area to try for a buy but considering the backdrop of jpy's strength (clearest depiction in USDJPY), I would urge you all to take a more cautious approach when analyzing this pair. With all due respect, I feel that a break below is coming soon in the next major move for NZDJPY (no clear signs yet) but at the moment I'm not looking to enter. So my approach would be to find other opportunities and just skip this :) If you really want to look for carries, chf is still our good friend...
Of course if you have strong conviction, go ahead!
And all in all good luck have fun :D