Similar scenario as in my analysis before (link below). We can see overextended inversed Head & Shoulders pattern and possible AB=CD formation in a future. Our demand level nicely fits with 0.618 fibonacci level so I expect price retrace to this point. Then I would like to see our AB=CD formation followed by another retracement and move to the resistance level. NZDJPY has also 89.2% positive correlation with NZDUSD.
