Forex Analysis & Reviews: NZDJPY facing bearish pressure, drop incoming!

Prices are facing bearish pressure and might continue its bearish moves downwards if it breaks through the support level which coincides with 127.2% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down further and take support from 161.8% Fibonacci retracement and 127.2% Fibonacci extension. If prices reverses from pivot, prices might face resistance from horizontal swing high resistance in line with 50% Fibonacci retracement and 50% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices. Trading Recommendation Entry: 77,928 Reason for Entry: Horizontal swing low support, 127.2% Fibonacci retracement, 61.8% Fibonacci extension Take Profit: 77,597 Reason for Take Profit: Horizontal swing low support, 161.8% Fibonacci retracement, 127.2% Fibonacci extension Stop Loss: 78,221 Reason for Stop Loss: Horizontal swing high resistance, 50% Fibonacci retracement, 50% Fibonacci extension

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