Sell NZD/JPY trade plan - Westpac

Analysts at Westpac offered a trade plan for NZD/JPY.

Key Quotes:

"Entry: Sell 100% at 82.50, Stop: 82.90, Target: 81.15

Rationale: 

The N.Korean missile launch is heightening political tensions into the G-20 Summit in Germany on 7th-8th July.

Accelerated JPY weakness since early June has now become technically stretched with limited Japanese data releases until next week's trade data.

The technical "stretch" is particularly noticable in NZD/JPY and highlights NZD vulnerability as outlined above.

Last week's trade ideas (to buy EUR/JPY and sell GBP/CAD) failed to reach entry levels. 

*Stops will be adjusted if trade achieves 1% gain."