NZDJPY facing bullish pressure, potential for more upside!

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Price has broken out of the symmetrical triangle and is above 1st support at 81.799 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Price could potentially bullish from 1st support at 81.799 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension to 1st resistance at 82.507 in line with -0.272% Fibonacci retracement and 78.6% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the EMA and the Ichimoku cloud and RSI is abiding to an ascending trendline support. Otherwise price may continue to bearish to 2nd support at 81.350 in line with 78.6% Fibonacci retracement and 127% Fibonacci extension.

Trading Recommendation

Entry: 81.799

Reason for Entry:

38.2% Fibonacci retracement and 61.8% Fibonacci extension

Take Profit: 82.507

Reason for Take Profit:

-0.272% Fibonacci retracement and 78.6% Fibonacci extension

Stop Loss: 81.350

Reason for Stop Loss:

78.6% Fibonacci retracement and 127% Fibonacci extension.

The material has been provided by InstaForex Company - www.instaforex.com

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