NZD/JPY Price Analysis: Bears attacking bullish commitments

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  • NZD/JPY bears target the downside support which gives rise to an upside daily fade.
  • Bears will look to fade any rebound from the support that will target new resistance. 

NZD/JPY is on the verge of making a strong case for the downside to fully test support which would leave prospects of a high probability set up for targeting back to the old support. 

The following illustrates such a scenario on the daily chart:

Daily chart

Traders will need to be patient and await developments in the bears attacking the bullish commitments at this juncture. 

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