NZD/JPY: 4-hour
Let’s start off with my all-time favorite forex play: the break-and-retest setup! As you can see on NZD/JPY’s 4-hour chart, the pair is in the middle of a correction from its recent selloff and seems ready to resume its drop. Price is testing resistance at the 90.00 major psychological mark, which lines up with the 61.8% Fibonacci retracement level and a former support area. At the same time, stochastic is moving down from the overbought area, indicating that Kiwi bears are taking control.
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