NZDJPY Trade Idea (7th February 2020)

Currency Pair: NZDJPY
Timeframe: H1
Date/Time of Signal: 7th February 2020 / 1600hrs (SGT)

Review:
Analysts and economists are downgrading China’s GDP growth forecast for 2020 as the coronavirus outbreak hits the world’s second largest economy. This in turn could impact New Zealand’s economy.

NZDJPY has been unable to break and bounce of the resistance level of 71.20.

Trade signaled to sell NZDJPY (Entry: 70.77) with 3 Take Profit (TP) Targets (TP1: 70.57, TP2: 70.37, TP3: 70.17) and Stop Loss (SL) at 71.07.