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NZD/JPY Potential Downward Movement

NZD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 77.20, 76.73, 76.34

Key Support Levels: 77.93, 78.60, 79.16

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Sell Limit Order @ 77.91

TP 1 @ 77.21

TP 2 @ 76.34

Stop Loss @ 78.19

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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