26.01.202111:42 Forex Analysis & Reviews: NZDJPY is testing support, potential bounce!

Price is testing our first support in line with our ascending channel, horizontal overlap support, 78.6% fibonacci extension and 23.6% fibonacci retracement where we could see a bounce above this level. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 74.579

Reason for Entry:

ascending channel, horizontal overlap support, 78.6% fibonacci extension and 23.6% fibonacci retracement

Take Profit: 74.903

Reason for Take Profit:

horizontal swing high resistance

Stop Loss: 74.386

Reason for Stop Loss:

horizontal swing low support, 38.2% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021

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