NZD/JPY has been consolidating between 78.00 and 75.00
although eventually the price broke below the ascending channel sending it below
the 200 Moving Average. The pair rejected the S2 support (based on the Fibonacci
applied to the channel breakout point) at first but then it was broken and followed
by a correctional move up to R1 (75.00) where it found strong resistance.
The R1 was rejected once and currently NZD/JPY is
retesting this level once again. This could be a good entry point to go short
and therefore consider selling at the current rate 74.00, targeting the 0%
Fibonacci – S3 (71.70) area. The stop loss should be just above the R2 (75.70).
Support: 74.20, 73.20, 71.70
Resistance: 74.00, 75.70
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of NZD/JPY for June 08, 2016 appeared first on forex-analytics.press.