NZD/JPY is approaching our first support level at 73.45 (horizontal swing low support, 38.2% Fibonacci retracement, 100% Fibonacci extension, Elliot wave structure) where we expect a strong bounce above this level to our major resistance level at 74.01 (horizontal pullback resistance, 23.6% Fibonacci retracement).

Stochastic (34,5,3) is also approaching support. NZD/JPY is nearing our first support where a bounce above this level is anticipated.

Buy above 73.45. Stop loss at 73.16. Take profit at 74.01

*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