NZDJPY Approaching Support, Prepare For A Bounce!
Buy above 72.68.
Stop loss at 71.76.
Take profit at 74.95.
Reason for the trading strategy (technically):
NZDJPY is approaching its support at 72.68 (100% Fibonacci extension x2, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce up to its resistance at 74.95 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 1.53% where a corresponding bounce could occur.
Stop loss at 71.76.
Take profit at 74.95.
Reason for the trading strategy (technically):
NZDJPY is approaching its support at 72.68 (100% Fibonacci extension x2, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce up to its resistance at 74.95 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 1.53% where a corresponding bounce could occur.