NZDJPY: starting the final sell wave of the Head and Shoulders.

NZDJPY is on neutral 1D technicals (RSI = 50.536, MACD = 0.110, ADX = 26.358) as the price is consolidating after a rebound on the 1D MA50. The rejection on the R1 Zone, is technically the Head of the Head and Shoulders pattern, a bearish formation seen on market peaks. This rebound is forming the Right Shoulder.

With the 1D RSI on Higher Lows for the whole year, we can't ignore the possibility of a fake Head and Shoulders formation, so the level which invalidates this is the LS overhead Resistance at 85.940. Under this, we will target the 0.236 Fibonacci level (TP = 81.550), which is a standard target for the price after rejections on the R1 Zone since April 2022.

Prior idea:


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