NZD/JPY May Bounce Off from the High at 76.26

 

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.