NZD/JPY Price Analysis: Bears stepping up at critical daily resistance

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  • NZD/JPY meets daily resistance and the focus is on a correction.
  • NZD/JPY bears are seeking an optimal entry from the lower time frames.

The bird has taken flight mostly on the back of the greenback and the Aussie dynamics which exposes it to a downside correction, both technically and fundamentally. 

the following illustrates that the price is meeting resistance on the daily chart and is potentially due for a correction to prior resistance. 

NZD/JPY daily chart

30-min chart

Bears will be looking to engage with the cross from a lower time frame and from a vantage pout where the structure is currently holding up the correction.

On a break below the congestion, aka, the bar room brawl, the bears can look for an optimal entry to target the daily support structure. 

 

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