NZDJPY approaching resistance, potential drop!
NZDJPY is approaching our first resistance at 77.83 (Horizontal swing high resistance, 61.8% and 50% fibonacci retracement, 100% fibonacci extension and a decreasing channel resistance) and a strong drop might occur pushing price down to our major support at 75.44 (Horizontal pullback support, 61.8% fibonacci extension, 50% fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance and also showing bearish divergence. Hence, we might see a corresponding drop in price should it reverse off this level.
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Stochastic (55,5,3) is also approaching resistance and also showing bearish divergence. Hence, we might see a corresponding drop in price should it reverse off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results