Wednesday, June 13, 2012

The NZD/JPY pair is sending a bearish signal

Following the technical analysis of the Kiwi from yesterday, the cross NZD/JPY is likely to share the same scenario. The pair also reached the 31.8% Fibonacci level as a correction to the long bearish move. Additional resistance is seeing at the upper BB currently at 62.10. The pair created a H1 Macd divergence which is likely to add some bearish pressure on the cross. Lower than expected economic data from the US could easily lead to a negative sentiment which definitely will cause flight to safety. A sell order could be placed below H4 low at 61.82 while SL should be placed above H4 high. Exit plane can include 2 targets, the first near 61.50 and the second target near 60.80 or open. Don’t forget to keep low risk as the market is very volatile lately.

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