Let us analyze the forex currency pair NZDJPY today. I’m using my favorite technical indicators  – Doda Donchian, Doda Bollinger Bands and Ichimoku.

NZDJPY Forex Currency Pair

 

The time frame used is H4.

Although Doda-Donchian gave Buy signal @78.870 but at that time, it was trading below Ichimoku cloud. 

That means in a Bearish territory.

Also, the currency pair was below Doda Bollinger Bands.

That means the trading signal given by Doda-Donchian was the False signal.

But after it crossed Ichimoku cloud and enters the bullish territory and also above Doda-Bollinger Bands, there is no point in waiting here.



So, take a Buy call on this currency pair @79.686 for an immediate target of 80.018, which is its Resistance 2.

Other Support and Resistance areas are:

Support and Stop loss @79.518

Resistance @80.018 and @80.554

 

I hope you understand my trading strategy with this article. If you’ve any doubts, please share in the comments section below.

NZDJPY Forex Currency Pair technical Chart | 30-Aug-2017
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