After breaking it's strong Descending Trendline, NZD/JPY has been moving on an uptrend, respecting an Ascending Trendline, and it's now reaching a strong Resistance Zone 1 that coincides with the 50% Fibonacci Level so price is most likely to reverse at this area and move to the downside, before breaking Resistance Zone 1 for further highs. Also, RSI is showing a bearish divergence on the daily chart, indicating a reversal once again.
Before entering any position, wait for a clear reversal pattern at Resistance Zone 1 and look for entries on a lower time frame.
A first target would be around Resistance Zone 2.
Always use stop-losses, a good risk management and remember this is not financial advice.
Before entering any position, wait for a clear reversal pattern at Resistance Zone 1 and look for entries on a lower time frame.
A first target would be around Resistance Zone 2.
Always use stop-losses, a good risk management and remember this is not financial advice.