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15.01.202112:02 Forex Analyse & Reviews: NZDJPY is facing bullish pressure, potential for further upside!

Exchange Rates 15.01.2021 analysis

Price is facing bullish pressure from our first support in line with our horizontal pullback support, ascending trend line, 61.8% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce above this to our first resistance target. A break above our upside confirmation level could provide the bullish acceleration to our first resistance target.

Trading Recommendation

Entry: 74.729

Reason for Entry:

horizontal pullback support, ascending trend line, 61.8% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 75.451

Horizontal swing high resistance

Stop Loss: 74.444

Reason for Stop Loss:

38.2%, 61.8% fibonacci retracement, horizontal swing low support and 100% fibonacci extension

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

Uitgevoerd door Dean Leo,
Analytische expert
InstaForex Group © 2007-2021
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