- NZD/JPY has continued to lower and is testing critical support.
- Bears will monitor for a break of support and bring in their stop losses.
As per yesterday's analysis, the cross has moved lower and into a position where defensive bears can now monitor the breakeven area for the opportunity for a free ride towards the target.
For a re-cap of the motivation for the trade, NZD/JPY Price Analysis: Bears position for a 1:3 risk-reward setup,
the weekly chart was offering the prospects of a downside extension (wave-3) following a correction of the bearish impulse within what appears to be a reverse head and shoulders in the making:
The bias is reinforced by the NZD/USD reverse head and shoulders:
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