NZD/JPY 1D Chart: Double top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is almost no hope in sight for NZD/JPY with a double top on the daily chart and a strong downtrend flowing out of it. In addition, the pair has just under-stepped the 100-hour SMA and lies exactly below the extremely bearish crossover of the 55 and 100-hour SMAs, sending strong SELL signals to traders potentially leading to an even steeper down-fall from this moment. Immediate support rests just below at 76.55 and represents a cluster of the bottom Bollinger Band, the monthly S1 and the weekly S1. Upside potential is capped at 77.60, the 200-hour SMA.
© Dukascopy Bank SA
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