NZDJPY Chart Technical Outlook trades close to the previous swing high
The rumored Bank of Japan intervention last week catapulted the cross to the downside. However, the dip has been bought and we currently trade close to the previous swing high of 90.20.
The big picture analysis offers a bearish bias with mixed trading for the last 142 days forming an expanding wedge formation.
It is likely that the first dip lower will find support. Bespoke support is located at 87.69. The trend of higher lows is located at 87.34. We would need to see a clear breach of this support zone to take the cross toward the measured move target of 80.44.
