NZDJPY approaching resistance, potential drop!
NZDJPY is approaching our first resistance at 74.73 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support target at 73.896 (horizontal swing low support, 61.8% Fibonacci extension, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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