NZDJPY reacting below descending trendline resistance. Drop incoming!

NZDJPY reacting below descending trendline resistance. A short term intraday drop below our 1st resistance at 78.547 towards recent swing low and 1st support at 78.176 could be possible. Technical indicators are also showing room for further bearish momentum

Trading Recommendation

Entry: 78.547

Reason for Entry:

50% Fibonacci retracement, Descending trendline resistance

Take Profit: 78.176

Reason for Take Profit:

Graphical swing low support

Stop Loss: 78.691

Reason for Stop Loss:

Recent swing high

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

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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