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Price Action Setups: NZDJPY and USDCAD

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Today NZDJPY saw the largest one-day drop since January. The pair is certainly starting to look like a market that is topping. A close below the 85.85 area should confirm the double top from April to July.

From a broader perspective, this market has a lot of room to run if we see it start to slip further.

nzdjpy weekly forex chart

And if we move to the monthly chart it becomes apparent that the market has a history of running into trouble at current levels.

nzdjpy monthly forex chart

Summary: Wait for a break below the support area between 85.70 and 85.85 and then watch for a retest. Possible target for the double top (if confirmed) is around 82.10.

nzdjpy daily forex chart

USDCAD analysis

usdcad daily forex chart

 

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