Ransquawk

NZDJPY was moving in a dynamic upward trend, whose last high was at 83.88. However, just after setting the said high, supply entered the market, what resulted in breaking of the upward trend line drawn from May.

Then the trend line was re-tested, but this time as resistance. During the test on H4 chart formed an Outside Bar (marked with an arrow) indicating potential declines, which currently occurred.

Pair has now reached an important support area close to 81.67. Perhaps there will be a reflection here, but possible return to declines and then breaking this level may be an opportunity to sell.

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The nearest target for this scenario will be around 80.25 support, which stopped sellers in the second half of June.

NZDJPY

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