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NZD/JPY changed little today, so it stands at 78.07 level at the momentum of writing. It has registered a strong sell-off on Friday and now it hovers above 77.93 level. The Japanese Yen could take full control again if the Nikkei drops again.
Technically, the price action has signaled that the pair could develop a corrective phase in the short term. It has increased to retest the immediate resistance levels after finding temporary support.
NZD/JPY H4 Technical Analysis!
NZD/JPY retested the 78.37 broken support, the ascending pitchfork’s median line (ML), and the weekly pivot point (78.42). Registering a valid breakdown below the 77.93 level may signal a further decline.
The pair failed to stabilize above the ascending pitchfork’s upper median line (UML) indicating that the bulls are exhausted. The breakdown from the ascending channel and its failure to retest the broken downtrend line signaled strong pressure.
Still, NZD/JPY could increase a little in the short term before resuming its drop. A new lower low may activate a broader correction.
NZD/JPY seems undecided in the short term, that’s why it could move sideways. Technically, I believe that a valid breakdown through 77.93 static support, former low may activate a deeper drop.
The bearish scenario could be invalidated by a new higher high, jump above 78.50 and beyond the median line (ML).
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