NZD/JPY Technical Analysis: On the brink of a test of the 61.8% Fibo and MA cluster to the downside, or break of trend line resistance

28.02.2019
  • The daily candlesticks show price struggling through the 76.4% Fibo of the early Dec to Jan flash crash lows – located at the swing fractal high of 76.54. 
  • NZD/JPY is close to a test of the descending trend line resistance confluence with the 4hr 21 SMA, capped currently by the 21-hr SMA. 
  • Meanwhile, USD/JPY is heading for a test into the Ichimuko cloud on an hourly basis and a break below 110.75 will pressure the NZD/JPY cross towards S3 at 75.60. A break of the cloud support at 110.55 will likely attract Japanese sellers into the mix and squeeze NZD/JPY even lower for a test f the 61.8% Fibo confluence with a cluster of the 21-D SMA, 200-D SMA and 100-D SMA as a hard support area. 
  • NZD/JPY daily chart

    Original from: www.fxstreet.com

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