28.11.2023 10:55 PM
NZD/JPY: downside reversal

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NZD/JPY Pressures 90.33 Downside Obstacle!

The NZD/JPY pair failed to stay above the uptrend line signaling that the upwards movement ended and that the sellers could drag it down again. As you can see, the rate tried to retest the broken uptrend line but it failed which means that the buyers are exhausted.

Now, NZD/JPY stands right above the former low of 90.33. This represents a significant downside obstacle. As long as it stays above it, the rate could resume its growth.

NZD/JPY Trading Conclusion!

Dropping and stabilizing below 90.33 activates more declines and helps the sellers to catch a deeper drop.

Ralph Shedler,
Analytical expert of InstaTrade
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