We begin to see that prices have closely reached a support level of 10.65 at 15:30. Prices have seemed to bounce between the low level of 10.65 and the high level of 10.78. With that, I've decided to take on a position at 10.64 on the 15:30 time. Thankfully I got filled at that price and prices begin to bounce.
The pair moved aggressively between 15:00 to 17:00 where prices have moved up and down at extreme ends. Based on technical analysis, the 10.65 mark is a very strong resistance level and the risk of breaking through this point is much lower considering that there was no major market news due to release during this period too.
I managed to get a 10 pip profit out of this trade in the end with a reasonably good profit. The pips for ZAR/JPY pair is calculated differently and hence a 10 pip move is a reasonably big move.
Did not wait for the pair to play out all the way till the 10.77 mark as I have hit my profit target for the trade and I am still sticking to my rule.
Congrats to those who traded my post on USD/JPY on the previous post. The profits must have been mouth watering.
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