NZDJPY Daily Analysis 11/23/19
2019-11-24 08:37:05
NJ Short Idea
The overall trend on higher time-frames have been steadily bearish.
Recent price action on the daily has been trapped in a range between the daily 50% and 38.2% fib levels.
In favor of the trend we’re looking for NJ to push lower and break the range and monthly support, when this happens we want to see a retest of broken support turned resistance with significant bearish setups before we can enter short and begin to target lower support levels.
If momentum is strong and the lower trendline is broken we will be targeting the next significant support level around the 67.00 area which is also around the 0% fib