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Tuesday, January 14, 2014

NZD/JPY - Close to an important top.

NZD/JPY

HaiGo asked for my opinion on this cross.

I think we are very close to an important top, but as long as support at 85.32 protects the downside, then we could see a continuation slightly higher towards 88.17 and maybe even 89.00 before wave v of 5 is finally in place.

Once the top is in place and we have the break below 85.32 then a major correction towards the low of wave 4 of one lessor degree at 74.42 should be seen.

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