Daily Video Analysis: NZDJPY facing bearish pressure, potential for further downside!

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Daily Video Analysis: NZDJPY facing bearish pressure, potential for further downside!

Today we take a look at NZDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it continues to hold below the descending trendline and moving average resistance. We could potentially see a reversal at sell entry level, which is in line with descending trendline resistance and 50% Fibonacci retracement, and further drop towards take profit levels, which are in line with horizontal swing low support and -61.8% Fibonacci retracement levels.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/219868/