NZD/JPY has
been very bullish for the past two months and it has climbed from 76.26 to the
high at 83.26 but it appears that the aforementioned bullish trend is finally
becoming exhausted, if the spinning top candlestick on the weekly time-frame at
the high at 76.26 is any indication. Such a candlestick is a signal for
indecision and not necessarily a reversal, but its presence is still reason
enough to consider a possible move to the downside. Should that occur, the
closest target will likely be around 80.50. On the other hand, if the pair
breaks out above the high at 76.20 and continues moving to the upside it will
likely reach 83.80, which is the previous high that can also be seen on the
weekly time-frame.
The pair is still undecided.
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