- 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:
Traders will need to be patient and await developments in the bears attacking the bullish commitments at this juncture.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.