Salzworth

Outlook on NZDJPY: Bearish play seen

Short
FOREXCOM:NZDJPY   New Zealand Dollar / Japanese Yen
Prices are facing bearish pressure from the resistance zone at 77.20 which lines up with the 38.2% fibonacci retracement and 78.6% fibonacci extension . A pullback to test this resistance area presents an opportunity to play the drop to the next support target at 76.50 area. That said, we do caution current H1 support level that prices are testing at 76.80 and a break below this level is needed to provide the bearish confirmation for a further drop.