NZD/JPY has failed to extend gains beyond 88.6% Fib, bias has turned bearish.
The pair is now extending declines for 2nd consecutive session.
Price action has fallen below the 82 handle after break below 5-DMA and 78.6% Fib.
Technical indicators are bearish. RSI and Stochs have rolled over from overbought levels and biased south.
We have evidenced a bearish divergence from price action on Stochs which supports our bearish call.
MACD line is on the verge of a bearish crossover on signal line and on confirmation will add to further bearishness.
Support levels - 81.67 (20-DMA), 80.68 (61.8% Fib retrace of 83.809 to 75.626 fall), 80.25 (June 21 low)
Resistance levels - 82.49 (5-DMA), 82.87 (88.6% Fib), 83, 83.15 (July 10 high)
Good to go short on rallies around 82.10/20, SL: 82.50, TP: 82/ 81.70/ 81
The pair is now extending declines for 2nd consecutive session.
Price action has fallen below the 82 handle after break below 5-DMA and 78.6% Fib.
Technical indicators are bearish. RSI and Stochs have rolled over from overbought levels and biased south.
We have evidenced a bearish divergence from price action on Stochs which supports our bearish call.
MACD line is on the verge of a bearish crossover on signal line and on confirmation will add to further bearishness.
Support levels - 81.67 (20-DMA), 80.68 (61.8% Fib retrace of 83.809 to 75.626 fall), 80.25 (June 21 low)
Resistance levels - 82.49 (5-DMA), 82.87 (88.6% Fib), 83, 83.15 (July 10 high)
Good to go short on rallies around 82.10/20, SL: 82.50, TP: 82/ 81.70/ 81