Tickmill
Short

NZDJPY approaching resistance, potential drop!

FX:NZDJPY   New Zealand Dollar / Japanese Yen
NZDJPY             is approaching our first resistance at 78.084 (horizontal swing high resistance, 61.8%, 50% fibaoncci retracement, 100% fiboancci extension, descending channel resistance) and a strong drop might occur below this level pushing price down to our major support at 75.638 (horizontal pullback support, 61.8% fibonacci extension , 38.2% fibonacci retracment).
Stochastic (55,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
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This analysis is provided as general market commentary and does not constitute investment advice.
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