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
