The exchange rate of NZDJPY is in a dynamic downward trend. In past week we could see rebound from support at 75.70. In result was move to the 20-period SMA and 50% abolition of the last drop.

This week price was again near level 76.56. It is also closer to resistance which is an accelerated line of upward trend drawn from the high from 2 nd of March this year.

If dynamics of the downward trend is to be maintained, there is a high probability of a fourth rebound from the accelerated trend line. In case of returning to declines their nearest goal would be the local low near 75.84, followed by key support at 75.70.

The alternative is to break the local resistance at 76.56. In this situation, would be open way to resistance in the vicinity of 76.93.

The above analysis was done on an account at  XM broker who offers $ 30 per start!

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