FX:NZDJPY   New Zealand Dollar / Japanese Yen
A near term top was called last week in NZDJPY             but something bigger may be underway. The rate has seen its deepest penetration of 2 year trendline support. The line, when extended from the June 2012 top, exerted influence at tops. As such, the action at this trendline is a major development.
Near term, there are characteristics that make the current situation similar to January. Last week, 4 hour RSI dropped to its lowest level since January. Extreme momentum is typical towards the beginning or middle of the move…almost like an announcement that a new trend has emerged. In both instances, the initial decline dropped under pitchfork support. Indications at this point are that I’ll be looking to short near 88.50. 84 is a target area. 90 is stop.
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