Weekly chart of pair NZD/JPY shows that the price is in a strong upward trend ongoing since the end of last year and reached the key resistance area. This is second attempt at this level in the last time.
It’s evidently seen on the daily chart. Here we have potential formation of a double top, and on the second high we have formation of a bearish engulfing market. It seems that declines are likely, but do not forget the main bullish trend.
It’s possible that declines will be temporary and corrective only. A quick look at the H4 interval indicates a slowdown in declines with local support based on the previous top. Slightly longer candles lower shadow in the region give a chance to recover from declines. On the other hand, the collapse of this support should mean further declines in the first goal in the region of 82.00.
