ForceFollower
Short

NZDJPY Heading for the 84 Handle

FX:NZDJPY   New Zealand Dollar/Japanese Yen
The NZD has been relatively weak and the JPY - almost as strong as the USD. Thus the bull trend line was broken two weeks ago, after a failure to make a new high. Since then it's been following a down fork . At first we saw price dancing above the median line , but most recently there have been more frequent excursions beneath it. So I think it's quite probable that this correction may go down as low as 84, which a level where the 38.2% retracement coincides with the 138.2% alternate price projection of the Apr-May swing down.
And yet it has to taken into account that price is at a strong support level that can stop and reverse the ongoing decline. Should a surprise rally take place, I wouldn't expect it to retrace more than 50% of the entire descent.
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OK. I've taken profit and closed this position.
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