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29.09.2021 09:55 AM
NZDJPY facing bearish pressure, drop incoming!

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NZDJP is holding below 1st resistance at 77.732 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension and may bearish towards 1st support at 76.780 in line 61.8 Fibonacci retracement and 61.8% Fibonacci extension. Our bearish is further supported by how price is holding below the EMA and RSI is showing a negative bearish divergence. Otherwise price may bullish towards 2nd resistance at 78.151 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 77.732Reason for Entry:

61.8% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 76.780

Reason for Take Profit:

61.8 Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 78.151

Reason for Stop Loss:

78.6% Fibonacci retracement and 100% Fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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