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NZDJPY – Near Key Resistance Zone. Time to Sell? | Jun 5

Chris Capre’s live open price action and ichimoku trades: EURUSD, GBPUSD, AUDJPY, EURCZK, CAC40, VIX

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NZDJPY – Pulling Back Towards Key Resistance (Daily chart)

Price Action Context

On the 13th of May, NZDJPY cleared a LT key support zone followed by a 2-3 week correction before selling picked up again. After putting in a ST bottom + reversal around 70.70, price is now closing in on the broken LT support, now acting as resistance. If bears can defend this resistance zone successfully, a bearish continuation towards the major support around 69.80, dating back all the way to 2009, is likely IMO.

nzdjpy-forex-trade-signal-2ndskiesforex

Trending Analysis

Bearish LT bias and sellers can look for potential trading locations around the key resistance.

Key Support & Resistance Zones

R: 72.25 – 72.85
S: 68.25 – 69.80

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