NZDJPY Approaching Resistance, Watch For Breakout!
NZDJPY is approaching resistance, watch for a breakout!
Buy above 76.06. Stop loss 75.76. Take profit at 76.69.
Reason for the trading strategy (technically):
NZDJPY is approaching our resistance at 76.06 (Horizontal overlap resistance) where we expect a breakout above this level to our resistance at 76.69 (horizontal swing high resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension, double bottom exit potential).
RSI (89) is also approaching support and a bounce off this level will see a corresponding rise in price.
Buy above 76.06. Stop loss 75.76. Take profit at 76.69.
Reason for the trading strategy (technically):
NZDJPY is approaching our resistance at 76.06 (Horizontal overlap resistance) where we expect a breakout above this level to our resistance at 76.69 (horizontal swing high resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension, double bottom exit potential).
RSI (89) is also approaching support and a bounce off this level will see a corresponding rise in price.