NZDJPY
The same as other yen crosses it was testing an important support before having a sharp rally higher.
Confirmed the trendline from the start of 2015 right at the major resistance level with a massive shooting star on the weekly chart.
This level was the neckline of the head and shoulders top which broke down with a huge breakaway gap so there’s a double strong resistance up there.
I am definitely looking lower at the moment. The question is - how much lower. As you can see - it has been respecting the lower parallels of the already mentioned falling trendline, so I would say we could probably be looking for a test to one of those as the new support, maybe even trading along to it, all the way to 61.8 % retracement for this whole rally to give another shot to this rising trendline between 74.70 and 76.40.
In the longer term, though, I am more bullish and I think we could be seeing the 90.00 level which again is needed to confirm the longer term falling trendline.
For full 2017 predictions on crosses click here