Short in NZDJPYI am currently short on the NZDJPY pair as it has reached a significant supply zone. This supply zone is identified as an area where selling pressure outweighs demand, indicating the possibility of a bearish reversal in the market.
My decision to enter this trade is based on thorough technical analysis and the identification of key levels on the chart that indicate the presence of a supply zone. Additionally, I have conducted fundamental analysis that supports the bearish outlook on this currency pair, considering relevant economic and political factors that could influence market direction.
It is important to note that, like any financial trade, there are inherent risks involved, and it is crucial to manage risk appropriately by implementing control measures such as setting stop loss and take profit levels. I am also closely monitoring technical indicators and economic events that could impact the position, with the aim of making informed decisions and adjusting the strategy if necessary.
In summary, my short position on the NZDJPY is based on it reaching a supply zone, supported by technical and fundamental analysis. I am taking steps to manage risk effectively and staying vigilant for any changes in market conditions.
