The NZD/JPY currency pair is currently showing strong bearish potential. This outlook is supported by the formation of a double top pattern, a classic technical signal of a trend reversal from bullish to bearish.
Additionally, the presence of lower high (LH) momentum reinforces the bearish structure, suggesting that selling pressure remains dominant and that the pair may continue to move lower in line with the prevailing trend (follow the trend).
As long as price stays below the recent resistance level and no significant reversal occurs, the bearish scenario remains valid.
Recommendation:
- Sell NZD/JPY
- Entry: 88.250
- Take Profit 1: 87.850
- Take Profit 2: 87.450
- Stop Loss: 88.650
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