An overview of the
currency markets by 
Greetings.
Another pair we like to trade but never really cover here is the NZD/JPY. Pulling up the hourly chart, it appears we’ve still got some more potential steam for the bears. It appears we may be in going into a Wave 3 of a larger Wave 5.
We drew in 2 trend lines and we’d watch for a potential retracement between our two trend lines. A break of the high from 8/23 would invalidate this forecast (60.63).
For the downside, we’re obviously looking for the break of the this week’s low (58.50 area). A break and break away of that will potentially open up the currency pair to the 55.00 level.
Closed out another long term trade and am up now more than 11,975 pips in 2010. Check out my trading sheet - 3 trading styles, beginning traders can apply information the first day and is priced at a great value.
Good luck and remember to apply your money management.
If we don’t see you for the NY session, have a great weekend.