NZDJPY setting up to break for a short next week?ON THE DAILY
We see a clear double top and neckline formation highlighted by the dashed red lines. The pair is showing a brief retracement but appears to be breaking downward toward the neckline, which I have set just below the wicks at 80.398.]
The yellow box draws attention to a Bearish Big Shadow (Naked Forex), which is the largest candle out to the sixth degree, though admittedly it does not occupy a large amount of "unique space." Additional but weak evidence toward the claim for a short.
ON THE FOUR HOUR
Various solid light blue lines show areas of supoort/resistance that have been tested/retested/broken before this downward trend began, adding strength to the hypothesis that this is a real downward break.
The purple channel and blue forecast arrow would have us believe, that, barring any wicked events or bounces/retracement off the neckline, we could expect our short to be triggered by the middle of next week before plunging down to the dark blue daily basal trendline.
Cheers!
