NZDJPY Technical Analysis:
The NZDJPY is currently testing a key resistance zone within the context of a broader global downtrend. Despite recent bullish attempts, the pair does not yet appear ready to sustain upward momentum, suggesting a potential local reversal pattern may be forming.
Resistance Zone: Price is struggling to break convincingly above the 88.500 level, indicating this area may act as a strong supply zone.
Support Levels to Watch:
First key support: 85.000
Second Key support: 84.000
Outlook: If the price fails to hold above 88.500 and confirms the reversal pattern, a decline toward 85.000 and potentially 84.000 could follow in line with the prevailing downtrend.
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The NZDJPY is currently testing a key resistance zone within the context of a broader global downtrend. Despite recent bullish attempts, the pair does not yet appear ready to sustain upward momentum, suggesting a potential local reversal pattern may be forming.
Resistance Zone: Price is struggling to break convincingly above the 88.500 level, indicating this area may act as a strong supply zone.
Support Levels to Watch:
First key support: 85.000
Second Key support: 84.000
Outlook: If the price fails to hold above 88.500 and confirms the reversal pattern, a decline toward 85.000 and potentially 84.000 could follow in line with the prevailing downtrend.
Thanks for supporting and also share your opinion in comments Thanks for understand.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.