NZDJPY is approaching its resistance at 74.11 (61.8% Fibonacci extension x2, 61.8%, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 73.19 (50% Fibonacci retracement, horizontal overlap support).

Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected. NZDJPY is approaching its resistance where we expect to see a reversal.

Sell below 74.11. Stop loss 74.50. Take profit at 73.19.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group