Rising Channel Formation, NZDJPY, sell signal

The NZDJPY pair has been moving in an ascending channel pattern since Aug 22nd. It can be seen the pair made a second attempt to surpass 70.116 handle, although failed to breach the upper trend line of the pattern. Failing to surpass the upper trend line second time in a row confirms the rising channel. Another supporting argument is RSI which is trading below 50 thus, indicating continuation of the bearish trend in NZDJPY pair. Trader can enter the sell position at 69.053 level with first target placed at 68.30. In case the selling remains persistence, next target for the pair will be at 67.74 level. The nearest stop loss for the pair s kept around 70.10.