Short

NZDJPY Sell signal

The NZDJPY pair broke above the long-term Channel Up but formed a top pattern just outside it and as the 1W RSI got rejected around the same (overbought) level as in late February/ early March 2021, I expect a similar pull-back towards the 0.5 Fibonacci retracement level.

On the long-term though, since it broke above the Channel Up, I expect it to rebound and target the next Fibonacci extension at 1.5, roughly around 92.500.

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