NZDJPY – Bearish Breatout of Short-Term Corrective Structure

Chris Capre 2ndskiesforex

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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Author

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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