NZDJPY approaching resistance, potential drop!
NZDJPY is approaching our first resistance at 76.25 (horizontal overlap resistance, 38.2% Fibonacci retracement) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our second resistance at 76.58 (horizontal swing high resistance, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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