The NZD/JPY currency pair is currently showing strong bearish potential. This is indicated by the formation of a double top pattern, a classic technical signal for a potential reversal from bullish to bearish.
In addition, there is evidence of a trendline shift from an uptrend to a downtrend, further confirming the possibility of continued downside pressure. This technical setup suggests that selling momentum is starting to dominate.
As long as the price remains below key resistance levels, the bearish bias is expected to persist.
Recommendation:
- Sell NZD/JPY
- Entry: 88.500
- Take Profit 1: 88.200
- Take Profit 2: 87.900
- Stop Loss: 88.800
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