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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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