NZD/JPY: 1-hour
Looks like NZD/JPY’s descending trend line is holding up really well! The pair is currently testing the falling resistance area while stochastic looks ready to resume its drop, indicating that price could head further south as well. Support at the 81.00 major psychological level seems to be holding so far this week but a strong breakdown could occur if Kiwi bears are strong enough. The 100 SMA is below the 200 SMA anyway, confirming that the downtrend could carry on. However, a higher pullback to the 100 SMA resistance near 82.00 might still be possible if Kiwi bulls put up a good fight.
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