Forex: NZD/JPY, medium term technical outlook
The rise of the price from the intermediar low of 81.01 level was able only to extend the uncertainty, because this cross towards the neutral bias zone is the 5th strongest one; the last four of them came back below the 81.83 pivot level (back to the bearish zone).
Now, since we are closer to the bearish zone, at least in theory, we’ll wait for a break below the 81.83 pivot level and, after that, a fall under the violet area, more specifically a close under the 80.69 level would trigger an ideal sell entry, having the stop loss on the 81.83 and take profit on 79.01 (127.2 Fibonacci extension of the downside movement 85.65-80.43).
