The long term bias on this pair is BEARISH. An important level of support was broken and now we expect a retest of that level and a continuation to the downside.
A retrace to the 0.77500 - 0.77900 it would be an ideal SHORT opportunity, it also coincides with a 50%-61.8% Fibonacci retrace.
We have a SHORT setup in development on this pair. After a breakout of the bearish flag we can enter aggressively in a SHORT position and if the 148.00 level breaks and we have a retest of the level from below, we should add another position for a longer term horizon.
A good RR trade in NZDJPY pair. The proper setup for this trade is a break out of the trend line and a consolidation zone, re-test or a bearish flag on H4 time frame. On a break to the down side of any of this structures enter short.
A good short setup, but is advised to be taken only after a confirmation on lower time frames (H4). We need confirmation because of the possibility of a Head & Shoulders in progress with the right shoulder projected around 0.80600.