NZDJPY reacting below descending trendline resistance. Drop incoming!

analytics6090fdeb14aa5.jpg

NZDJPY reacting below descending trendline resistance. A short term intraday drop below our 1st resistance at 78.547 towards recent swing low and 1st support at 78.176 could be possible. Technical indicators are also showing room for further bearish momentum

Trading Recommendation

Entry: 78.547

Reason for Entry:

50% Fibonacci retracement, Descending trendline resistance

Take Profit: 78.176

Reason for Take Profit:

Graphical swing low support

Stop Loss: 78.691

Reason for Stop Loss:

Recent swing high

The material has been provided by InstaForex Company - www.instaforex.com

Pages