- NZD/JPY meets daily resistance and the focus is on a correction.
- NZD/JPY bears are seeking an optimal entry from the lower time frames.
The bird has taken flight mostly on the back of the greenback and the Aussie dynamics which exposes it to a downside correction, both technically and fundamentally.
the following illustrates that the price is meeting resistance on the daily chart and is potentially due for a correction to prior resistance.
NZD/JPY daily chart
Bears will be looking to engage with the cross from a lower time frame and from a vantage pout where the structure is currently holding up the correction.
On a break below the congestion, aka, the bar room brawl, the bears can look for an optimal entry to target the daily support structure.
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.