Sun. Jun 23rd, 2024

The New Zealand Dollar/Yen forex currency pair has been tracing out a +1 year top formation. After having reached a previous target from a multi year base, the pair is on the brink of a slop down to previous important support. Check out the monthly candle chart. The arrows indicate the implied measured move added to the breakdown line.


Here is the weekly candle chart. The target is also coinciding with previous resistance turned support. No other WALLs apparent on the road to the eventual target. Check this previous post on the concept of WALLs.


Zoom in on the 1 year daily candle chart. Some noise below the breakdown line. Check this post on my concept of “noise reduction”.


 My alert is set at 84.50. A monthly close below that level will give me a target of 75.50.