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NZDJPY approaching resistance, potential drop!

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FX:NZDJPY   Nyzeeländska dollar/Japanska yen
NZDJPY is approaching our first resistance at 77.83 (Horizontal swing high resistance, 61.8% and 50% fibonacci retracement, 100% fibonacci extension and a decreasing channel resistance) and a strong drop might occur pushing price down to our major support at 75.44 (Horizontal pullback support, 61.8% fibonacci extension, 50% fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance and also showing bearish divergence. Hence, we might see a corresponding drop in price should it reverse off this level.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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