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FX.co ★ NZDJPY is approaching resistance, potential reversal

NZDJPY is approaching resistance, potential reversal

NZDJPY is approaching resistance, potential reversal

Price is approaching our first resistance, in line with our horizontal pullback resistance, 61.8% fibonacci retracement and 78.6% fibonacci extension where we could see a reversal below this level.

Trading Recommendation

Entry: 74.693

Reason for Entry:

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

Take Profit: 74.385

Reason for Take Profit:

Horizontal swing low support, 50% fibonacci retracement

Stop Loss: 74.871

Reason for Stop Loss:

61.8% fibonacci extension, 61.8% fibonacci retracement, horizontal swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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