FX.co ★ NZDJPY facing bullish pressure, potential for further upside!

NZDJPY is facing bullish pressure from 1st support at 77.685, in line with 61.8% fibonacci retracement, horizontal swing low support and 127.2% fibonacci extension. We could see a bounce on the 1st support level towards the 1st resistance at 78.493 which coincides with the 61.8% retracement level, 161.8% fibonacci extension and horizontal swing high resistance. Stochastics is also suggesting that the price is bullish as it has just bounced off support level at 10.60.

Trading Recommendation

Entry: 77.685

Reason for Entry:

61.8% fibonacci retracement, 127.2% fibonacci retracement, horizontal swing low support

Take Profit: 78.493

Reason for Take Profit:

Horizontal swing high resistance, 61.8% fibonacci retracement, 161.8% fibonacci extension

Stop Loss: 77.073

Reason for Stop Loss:

Horizontal swing low support, 61.8% fibonacci retracement