FX.co ★ NZDJPY facing bearish pressure, drop incoming!

NZDJP is holding below 1st resistance at 77.732 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension and may bearish towards 1st support at 76.780 in line 61.8 Fibonacci retracement and 61.8% Fibonacci extension. Our bearish is further supported by how price is holding below the EMA and RSI is showing a negative bearish divergence. Otherwise price may bullish towards 2nd resistance at 78.151 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 77.732Reason for Entry:

61.8% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 76.780

Reason for Take Profit:

61.8 Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 78.151

Reason for Stop Loss:

78.6% Fibonacci retracement and 100% Fibonacci extension