NZD/JPY approaching resistance, potential drop!

Source: Forex Analysis
{$inline_image}

NZD/JPY is approaching our first resistance at 76.62 (horizontal pullback resistance, 61.8%, 100% Fibonacci extension, 76.4% Fibonacci retracement) where a strong drop might occur below this level to our major support at 77.22 (horizontal swing low support, 50% Fibonacci retracement). Stochastic (89,5,3) is also nearing resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.

analytics5c8b047df1880.png

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