NZDJPY Retests Head and Shoulders Neckline

From dailypriceaction.com

I mentioned NZDJPY in the weekly forecast, noting to watch for a retest of former support as new resistance. The importance of the level in question was made clear by the head and shoulders pattern that has been developing since February of 2014. With the pair now retesting the broken neckline we can watch for a bearish rejection on the daily time frame. Such price action could signal a much larger move to the downside. How large, exactly? Using a simple measured objective for the head and shoulders we get a price of 75.00. This price also lines up with several lows from 2013 (see chart above). Of course like any ... (full story)