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FX.co ★ NZDJPY is facing bearish pressure, potential for further downside!

NZDJPY is facing bearish pressure, potential for further downside!

NZDJPY is facing bearish pressure, potential for further downside!

Price is facing bearish pressure as it holds below both the descending trendline resistance and Ichimoku cloud, in line with our bearish bias. We could potentially see a further downside as price is testing our 1st resistance at 76.157, in line with our horizontal overlap resistance, 38.2% Fibonacci retracement and 100% fibonacci extension. A break below our downside confirmation level at 75.880 could provide the bearish acceleration to our first support target. RSI is showing a bearish breakout as well, in line with our bearish bias.

Trading Recommendation

Entry: 76.157

Reason for Entry:

horizontal overlap resistance, 38.2% Fibonacci retracement and 100% fibonacci extension

Take Profit: 75.471

Reason for Take Profit:

horizontal swing low support

Stop Loss: 76.395

Reason for Stop Loss:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and 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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