NZD/JPY triple top triggered
A major correction has unfolded in this cross since early February 2009. With the break below support at 85.69 a triple top has been triggered and we should see downside pressure mount for a test of support at 81.37 and strong support at 74.42 a break below the later will confirm a long term change in the trend and a new decline to below the ending point of wave A at 44.21.
We are of course talking many month before this low is broken, but I do expect a break below 44.21 for a continuation lower to 36.89.
Short term I'm looking for resistance at 85.69 and at 86.07, which ideally will protect the upside, but even if resistance at 86.07 should be broken it will likely only be able to produce a rally towards 86.55 before the downside pressure will take over again.
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