NZD/JPY is trading in the red at 78.01 level. The sentiment may change after the price failed to stay in the buyer’s territory. It has dropped below immediate support levels signaling a potential sell-off.
Today, it has increased a little only to test and retest the broken support levels. Nikkei’s (JP225) decline could force the Yen to take the lead and appreciate versus its rivals.
Technical Analysis!
NZD/JPY retested the median line (ML) and now is traded above 77.932 static support. Its breakdown from the ascending channel signaled that we may have a downside movement, reversal.
Closing below the immediate low of 77.928 may signal a further decline. Failing to stabilize above the median line (ML) announced exhaustion. The major downside target represented by the lower median line (LML) of the ascending pitchfork could attract the price.
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