NZDJPY facing bearish pressure | 26th July 2021

Price is holding below the descending trendline and approaching a horizontal swing low support which coincides with the 38.2% Fibonacci retracement level. Should price successfully break this level, we can expect a bearish plunge to our take profit at 75.532 which is in line with the 78.6% Fibonacci extension level and the horizontal swing low. Our bearish view is further supported by how the price is holding below the EMA.

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