FX.co ★ NZDJPY is approaching resistance, potential reversal

Price is approaching our first resistance, in line with our horizontal pullback resistance, 61.8% fibonacci retracement and 78.6% fibonacci extension where we could see a reversal below this level.

Trading Recommendation

Entry: 74.693

Reason for Entry:

horizontal pullback resistance, 61.8% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 74.385

Reason for Take Profit:

Horizontal swing low support, 50% fibonacci retracement

Stop Loss: 74.871

Reason for Stop Loss:

61.8% fibonacci extension, 61.8% fibonacci retracement, horizontal swing high resistance