NZD/JPY Long-Term Trend: Bearish
Key Resistance Levels: 77.20, 76.73, 76.34
Key Support Levels: 77.93, 78.60, 79.16
The price on the higher time frame the price broke the bullish channel to the downside, and it broke the daily support around the 77.93 USD and it retraced to it. The pair posted an engulfing bearish pattern which shows that the market will continue to the downside.
NZD/JPY Medium-Term Trend: Bearish
On the lower time frame, the pair managed to break the bullish channel and it dropped hugely. A higher correction is expected toward the resistance (77.93 USD), where it might reverse and tumble downward toward the target profit.
Sell Limit Order @ 77.91
TP 1 @ 77.21
TP 2 @ 76.34
Stop Loss @ 78.19
Trade Safely 🙂