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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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Visit our website at 2ndSkies for more price action content, free trading lessons, strategies and videos. Find out how we can help you to change the way you think, trade and perform.

Author

Chris Capre

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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