NZDJPY Approaching Support, Prepare For A Bounce
Buy above 74.13.
Stop loss at 73.76.
Take profit at 74.98.
Reason for the trading strategy (technically):
NZDJPY is approaching its support at 74.13 (100% Fibonacci extension x2, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 74.98 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 2.4% where a corresponding bounce could occur.
Stop loss at 73.76.
Take profit at 74.98.
Reason for the trading strategy (technically):
NZDJPY is approaching its support at 74.13 (100% Fibonacci extension x2, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 74.98 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 2.4% where a corresponding bounce could occur.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.