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NZDJPY is on our watchlist again this week after the market risk-off sentiment continued. The recent outbreak of the coronavirus has seen investors rush to safe-havens with JPY benefitting.

Looking at the 4hr timeframe we can see the price is finding support at the key 7135.00 zones. If the price bounces here we can expect the recent breakout lows of 7210.00 to be tested before seeing another move lower.

On the 1hr timeframe, this is what we could be expecting to see. A pullback into the key resistance lows will be ideal for short opportunities.

Alternatively, if the support of 7135.00 breaks and the price closes below, we can look to short the market on a re-test.