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.
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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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