The NZDJPY has come off its year-to-date high of 83.80 significantly. In fact, the pair is now retesting a level that closed out the session just before the November 9th rally from last year.
Despite today’s bounce, I’m still relatively bearish here. I don’t yet have a position on, but I am keeping a close eye on recent developments.
Namely, the weekly bearish pin bar that formed a couple of weeks ago after retesting the 79.35 handle, a sign that further losses may be in store.
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