bbebal
Short

NZDJPY COMPLEX HEAD & SHOULDER TOP

FX:NZDJPY   New Zealand Dollar/Japanese Yen
29 0 0
Complex 3 year head and shoulder top forming in NZDJPY             pair with a slightly downward sloping neckline and with near perfect symmetry across the shoulders. Strong resistance from previous support around the 83 area and a continued attempt to close below the 74.50 area suggest there's more downside in this pair. A strong break of that support area (74.50) with a measured move target towards 55.50. However, long term support around the 58 level is also a target. An initial support area is 68-69 level that was penetrated as resistance a few years back. Stops could be placed using ATR or the highs of the breakout day
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