NZDJPY Inverted Head and Shoulder pattern setup.
The NZDJPY is range bound, but we are respecting some key support at the 200dma, horizontal support at the 75.60’s, and with the FOMC past us, if risk rallies into the end of the week there is a strong chance NZDJPY could make a move for the key 61.8% Fibonacci retracement at 77.41. This level could also be viewed as the “neckline” of the inverted head and shoulders pattern which could extend us back towards the 79.00+ if broken in the day(s) ahead.
