FX.co ★ NZDJPY facing bearish pressure, potential downside!

NZDJPY is approaching the upper resistance of the price channel in line with the horizontal swing high support, 161.8% Fibonacci retracement and the 61.8% Fibonacci extension . Price is likely to reverse off this level to take support at the horizontal swing low support which is in line with the 61.8% Fibonacci extension level. Our bearish bias is further supported by how stochastic is approaching a hidden resistance level at 92.64.