Let’s take a look at the NZD/JPY chart.
Looking at the longer term daily chart, it looks like the pair may be heading up to potentially form an Ending Diagonal (ED). If this happens, look for it to test the trendline drawn in the chart below.
In the shorter term, it looks like we may be looking at a potential downward retracement – potentially to the 66.50 level. Once that downward retracement completes, then look for the pair to turn up.
Good luck with trading.
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