Nzd/Jpy seems to me to be a typical case of PA - price action,
if we take a look at the weekly chart;
the price has moved below the weekly trendline upward after some weeks of sideways action or consilodation
and is forming a M-pattern - a bearish pattern indicating a reversal:
Nzd/Jpy weekly chart
On the daily chart we find that the move down from the top of the last leg of the M-pattern
leads to a fibonacci expansion area of 61.8% that lies just below 85,
the same area as where the last leg sh…
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