NZD/JPY Price Analysis: Bears attacking bullish commitments
|- NZD/JPY bears target the downside support which gives rise to an upside daily fade.
- Bears will look to fade any rebound from the support that will target new resistance.
NZD/JPY is on the verge of making a strong case for the downside to fully test support which would leave prospects of a high probability set up for targeting back to the old support.
The following illustrates such a scenario on the daily chart:
Daily chart
Traders will need to be patient and await developments in the bears attacking the bullish commitments at this juncture.
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