NZDJPY: Significant breakout on the way
In our latest technical comment on the NZDJPY pair (published on May 20), we the downside pressure might persist.
The pair slide again after re-experiencing SMA20, which intersected with the key Fibonacci resistance of 61.8% as seen on the provided daily graph.
Currently, eyes are on 87.85, marked by Fibonacci 38.2% after clearing 50% earlier.
The negative sign on ADX in addition to the bearishness appearing on RSI, which fell below its momentum support, argue us to remain bearish on the NZDJPY pair.
A breakout below 38.2% will expose the soft technical objective of our analysis at 86.40, while re-visiting 84.05 is likely.