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NZD/JPY Hits Target!

Our trade setup on NZD/JPY from Tuesday’s analysis (7th May) is trading somewhat far away from our target at the 71.00 price area. Nevertheless, we have adjusted to take profit at the current price level (we are roughly out 100-110 pips away from the aforementioned price target). We are of the view that a significant psychological area at 72.00 price – an area that held support after the recent RBNZ monetary policy statement. Price is currently finding support here and due to our risk mitigation strategy, we are quite convinced that we should look to close in on the trade which is roughly around +80-90 pips in profit from our entry point as at the time of publishing.

NZD/JPY 1-Hour chart showing price closed out in +87.8 pips in profit

In monetary terms, for instance, clients that traded with:

N100 (trading amount) * 87.8 points = N8,780 N1000 * 87.8 points = N87,800 N2000 * 87.8 points = N175,600 N10,000 * 87.8 points = N878,000

N.B: Depending on the trading amount returns could be lower or higher than the above examples.

At EGM, will would always strive to ensure that our clients are profitable!

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