26.02.202110:57 Forex Analyse & Reviews: NZDJPY facing bullish pressure, potential for further upside!

Exchange Rates 26.02.2021 analysis

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.

Trading Recommendation

Entry: 77.685

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.

Uitgevoerd door Dean Leo,
Analytische expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Kan u nu niet praten?
Stel uw vraag in de chat.