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FX.co ★ NZDJPY is facing bullish pressure from support, potential bounce!

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Forex Analysis:::2021-01-14T10:23:08

NZDJPY is facing bullish pressure from support, potential bounce!

NZDJPY is facing bullish pressure from support, potential bounce!

Price is facing bullish pressure from our first support and ascending trend line where we could see a bounce above this level to our first resistance target. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 74.530

Reason for Entry:

Ascending trend line, horizontal overlap support, 38.2%, 61.8% fibonacci retracement, 61.8% fibonacci extension

Take Profit: 75.043

Horizontal overlap resistance, 50% fibonacci retracement

Stop Loss: 74.151

Reason for Stop Loss:

78.6% fibonacci extension, 78.6% fibonacci retracement

Analyst InstaForex
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