I’m gonna give myself a pat on the back for making adjustments on this NZD/JPY long position since the tide seems to be turning against the Kiwi these days. Here’s what happened to my trade.
As Pip Diddy mentioned in his U.S. session recap, the RBNZ seems to be cooking something up since they are planning on giving an updated assessment of the economy later this week and proposing tightening measures for the housing market. This reminds me of the time when the RBNZ pulled the same stunt before cutting interest rates right after!
Thank goodness I was able to adjust my stop higher in order to lock in some gains in case the pair drops. At this point, I would’ve probably close early anyway but this would’ve resulted in a tiny loss. Here’s what I ended up with:
P/L: +50 pips / +0.07%
Not so bad, eh? I know I planned on sticking with this as a swing position but I’m having doubts that the long-term uptrend could carry on with these rate cut expectations. But just in case the BOJ doles out stimulus measures of its own, I’ll still be ready to hop in a long NZD/JPY position, hopefully at a better price!
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