NZDJPY – Bearish Breatout of Short-Term Corrective Structure
|Price Action Context
The pair touched a long-term key resistance in December last year, got rejected and sold off impulsively after a double top at the resistance. The impulsive selling was followed by a corrective structure which now has been broken in line with the previous impulsive selling, suggesting further downside for the pair short-term.
Trending Analysis
Bearish bias and pullbacks into the broken short-term support which now should act as resistance can present potential shorting opportunities to bears.
Long-Term Key Support & Resistance Zones
Short-Term Resistance: 69.95 – 70.15
Mid-Term Support: 68.85 – 69.15
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