NZDJPY is facing bullish pressure from 1st support at 77.685, in line with 61.8% fibonacci retracement, horizontal swing low support and 127.2% fibonacci extension. We could see a bounce on the 1st support level towards the 1st resistance at 78.493 which coincides with the 61.8% retracement level, 161.8% fibonacci extension and horizontal swing high resistance. Stochastics is also suggesting that the price is bullish as it has just bounced off support level at 10.60.
Reason for Entry:
61.8% fibonacci retracement, 127.2% fibonacci retracement, horizontal swing low support
Take Profit: 78.493
Reason for Take Profit:
Horizontal swing high resistance, 61.8% fibonacci retracement, 161.8% fibonacci extension
Stop Loss: 77.073
Reason for Stop Loss:
Horizontal swing low support, 61.8% fibonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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