NZDJPY – Corrective Below Broken LT Support, Now Resistance (Daily chart)
|Price Action Context
As we already mentioned to our students in our members section on the 14th of May, NZDJPY cleared a LT key support on the 13th of May, and since, price has been trading correctively below the broken support which now should act as resistance on pullbacks.
If bears are successful in defending this key S/R zone as resistance, a bearish continuation towards the major LT support around 69.80, dating back all the way to 2009, is likely IMO.
Trending Analysis
LT bias is bearish and sellers can look for potential shorting opportunities on weak pullbacks into the key resistance.
Key Support & Resistance Zones
R: 72.25 – 72.85
S: 68.25 – 69.80
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