Outlook on NZDJPY: Bearish play seen

26. Juli 2021

Hi everyone, NZDJPY remains under pressure and could see a further downside. On the daily time frame, prices are holding below a key resistance level at 77.350 in line with the daily descending trend line and 78.6% fibonacci retracement which could see prices extend its decline below this resistance level. On the H4 time frame, prices broke the ascending trend line and a pullback to test our resistance at 77.048 presents an opportunity to enter a short.