FX.co ★ NZDJPY is testing resistance, potential reversal

Price is testing our first resistance, in line with our horizontal swing high resistance, 127.2% fibonacci retracement and 127.2% fibonacci extension where we could see a reversal below this level.

Trading Recommendation

Entry: 75.076

Reason for Entry:

horizontal swing high resistance, 127.2% fibonacci retracement and 127.2% fibonacci extension

Take Profit: 74.713

Reason for Take Profit:

horizontal pullback support, 61.8% fibonacci retracement and 78.6% fibonacci extension

Stop Loss: 75.323

Reason for Stop Loss:

161.8% fibonacci extension