- NZD/JPY bears are moving back in at critical levels of resistance.
- The bears will be seeking a downside extension from a daily perspective.
NZD/JPY rallied in Asian markets today, but there is a lack of momentum, so far, which leaves the downside prospects compelling still.
The following is an illustration of the downside potential in the cross from a daily perspective:
NZD/JPY Price Analysis
NZD/JPY, from a daily perspective, is consolidating around a 50% mean reversion area around the 77.00 area.
The failures beyond the 77.50s are stacking up to be bearish in its self which could lead to a downside extension.