NZDJPY starts this New Year with a harsh bearish trend. The last highest price which recently touched was around 82.90 on 29th January 2015 and since New Year we just saw lower and lower prices till 20th January which had a low as 73.63. Corrective bullish minor trend and retrace started and could touch 61.8% Fibo level and again decides to test very important support level around 73.60. There are two probable theories here, first of all configuring a double bottom pattern and the start to continue bullish trend or trying to penetrate major support and attack new lows. By any of those theories and also what we can understand from indicators , sentiment of market on this pair is still bearish and sellers are much more than buyers.
Technical analysis of NZDJPYdated 16.02.2016
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