NZD/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/JPY is considering the idea of breaching the closest possible support line, namely the 200-hour SMA at 77.94. It is shortly followed by the weekly pivot point and daily S2. The bearish success here will imply that the Feb 2 low is at risk. A double top pattern suggests the uplifted possibility of a downward confirmation, which will lead to a reversal and a sell-off. On the other hand, daily technical studies are pointing somewhat to the North. Moreover, the Kiwi is heavily oversold in the SWFX market, as three out of four open positions are short. In case the purchases take place ultimately, we are going to watch the 100-hour SMA at 78.54, after which the bulls will target the Feb 1 high near 79.41.
© Dukascopy Bank SA
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