FX.co ★ NZDJPY facing bearish pressure, drop incoming!

Prices are facing bearish pressure and might continue its bearish moves downwards if it breaks through support level which coincides with 127.2% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down further and take support from 161.8% Fibonacci retracement and 127.2% Fibonacci extension. If prices reverses from pivot, prices might face resistance from horizontal swing high resistance in line with 50% Fibonacci retracement and 50% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 77.928

Reason for Entry:

Horizontal swing low support, 127.2% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 77.597

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci retracement, 127.2% Fibonacci extension

Stop Loss: 78.221

Reason for Stop Loss:

Horizontal swing high resistance, 50% Fibonacci retracement, 50% Fibonacci extension