Possibly a Bearish NZDJPY for the rest of the Year?

25 Jan 2022

Here we have NZDJPY that has faced Major Bearish Direction after seeing the pair hit a High since July of 2018. Ever since the pair hit the high, it has yet to break the key level, it consolidated at the high and dropped right after. The reason I believe the pair will be bearish for the rest of the year is because the pair took a year to hit a high since 2018. After a year worth of direction seeing this pair reject from that level after that rally, its fair to say that pair could possibly be bearish for the rest of the year. Lack of strength to the upside, Key rejection in a very high volume respectable level, Lack of strength the past 2 months in the Yen. This and other factors can lead this pair to dropping to the downside for a while.

PS---------The path direction isn't intended to 100% spot on but an IDEA of the movement while it drops.