FX.co ★ NZDJPY likely to face bearish pressure on the H4 should price break the 1st support.

Price is currently approaching and likely to break the horizontal overlap support at 76.225 which is in line with 50% Fibonacci retracement and 50% Fibonacci extension. Should price break the 1st support, we can expect price to plunge further to take support at the 75.273 level in line with our horizontal swing low and 100% Fibonacci extension level. Our bearish bias is further reinforced by how the MACD is holding below the 0 line.