Shooting stars & Railroad patterns appeared at the stiff resistance of 83.744 levels (see weekly chart).
These patterns signal weakness, as a result, the current prices have gone below 7WMA.
For now, more slumps are on cards as the 7WMA attempts to crosses below 21WMA which is a crossover.
On a broader perspective, the attempts of crossover dampened as Gravestone rightly placed at resistance of 83.762 or near 61.8% Fibonacci retracements (on monthly plotting), consequently, the current prices display at 4-month lows (i.e. below EMAs).
Currently, testing supports at 83.520 (i.e.38.2% Fibonacci retracements from the lows of 69.218 levels, the breach below would take the bear trend to hit next strong supports at 74.894 levels (refer monthly plotting).
NZDJPY price, volumes, leading and lagging indicators moving in tandem with bear swings.
While both leading & lagging indicator to substantiate this stance on weekly as well as monthly terms.
converges to the ongoing price declines as this leading oscillator trending below 47 levels and 49 on weekly and monthly terms respectively, thereby, it signals weakness in the major trend.
You could very well observe from last 2 weeks, the appearances of attempts despite the gravestone pattern which is extremely in nature contemplating daily price behaviors.
Selling momentum in both short and long term trends are convincingly signaled by oscillator, indecisive but bias on weekly and evidences %D crossover right from the overbought zone on monthly term signifies that the consolidation phase has lost momentum absolutely.
Weekly here signals the to prolong ahead.
Hence, we recommend shorting rallies on hedging grounds and decide to initiate shorts in contracts with near and mid-month tenors.