NZDJPY: Bearish long term outlook.
On the 1W chart the pair is neutral with mixed technical action (RSI = 53.224, MACD = -0.040, Highs/Lows = 0.0282). This is because every rally is being sold towards the long term 69.200 Support. What we paid attention to is the fact that the 0.618 Fibonacci retracement level has rejected twice the previous uptrends, creating Lower Highs and a Descending Triangle. This indicates that the price should trade sideways for some months within 73.000 - 78.250, before it eventually tests the 69.200 Support again.
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