NZD/JPY Next Month Outlook - secondary ranging within the bearish

W1 price is below 200 period SMA (200-SMA) and below 100 period SMA (100-SMA) for the primary bearish market condition with the secondary ranging within Fibo support level at 70.41 and 50.0% Fibo resistance level at 81.37:

• 23.6% Fibo support level at 75.66 is going to be crossed by the price from above to below for Fibo support level at 70.41 as the next bearish target;
• Fibo support level at 70.41 is located on the primary bearish area of the chart to be below 100-SMA/200-SMA;
• 50.0% Fibo resistance level at 81.37 is located between 100-SMA and 200-SMA in the ranging area of the chart within the primary bullish market condition;
  
• descending triangle pattern was formed with 70.41 support to be crossed by the price from above to below for the bearish trend to be continuing;
• 100-SMA is located to be above 200-SMA with the primary bearish which is indicating the ranging market condition.
  
• RSI indicator is estimating the bearish condition.

If the price will break Fibo support level at 70.41 so the primary bearish market trend will be continuing.
If the price will break 50.2% Fibo resistance level at 81.37 from below to above so the primary bullish trend will be started with the secondary ranging.

Trend: