TECHNICAL ANALYSIS

NZD / JPY follows seven days of gains with steep decline


Interesting graphic

Interesting graphic

NZD / JPY was on a good run today. The pair had risen in seven straight days after rejecting support at 68.00 in late August.

Yesterday it looked like a break above a double top and headed for the best levels of the year. However, today the pair is down 1.2% to erase the last three days of gains.

Still, that’s not exactly a red flag on the chart. At worst, it looks like a triple top and is generally bullish. Alternatively, you could say it’s a messy top, but I wouldn’t go there.

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