NZDJPY key level breakout
NZDJPY is breaking below the 69 horizontal key long-term resistance. This break is opening a possible further downside extension. As long as the pair is below the 69 level look for more downside.
On a daily chart, we can see a descending triangle is broken to the downside. This is providing an excellent trading opportunity with a good risk to reward short entry. Look for the short trade entries with the stop loss above 69.250 targeting 65 and lower. ARMAT trading system is indicating a potential 200 pips of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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