NZDJPY surprise 15DEC08 (click to see chart) On the NZDJPY a colsolidation box has formed around the MA’s. They are all in a range between 49.90 and 50.22. Watch for a breakout and on a convicted candle take the trade in the breakout direction. Initial targets = 51.15 or 48.50. Upside secondary target = 800 MA. We are near multiyear lows at 48.13 so be careful. Also we are in a strong downward trending phase on the 240 and daily even though we are consolidating MA’s on the 1HR, again, caution and low risk warranted. Scale in/out. A bigger box would be 51.19 and 48.13
