Lets wait for a daily close tonight below the trend line that extends from the August 2017 low. Until that happens, buyers are in control.
There’s also a chance that the EURJPY will act similarly to the GBPJPY in recent weeks. I’m referring to the break above rising wedge resistance. If that happens here, I will not be a buyer because the rising wedge on eurjpy...
A daily close below our neckline will expose below supports (1.66300, 1.63480 and 1.61400).
Alternatively, should EURNZD bulls close the day (00:00 AM Tomorrow) above the neckline near 1.6860/70, it would negate the bearish outlook.
My view is that it will close below neckline and we will check for a sell signal
This price point has been support and resistance for years, price action indicates a counter trend play but this recover above this level we could see a great long running trade.
