NZD/JPY Current Strategy: Flat
Next: Waiting for momentum
NZD/JPY just visited the bottom of its range on 5/11 after falling out a bullish pitchfork. With momentum still weak, this pair is moving in a sideways fashion. The significance of falling from the pitchfork comes in the back test of the rising lower median line on 5/14. This Shooting Star candlestick pattern needs confirmation but can pave the way for a break of bottom channel support at 87.87.
Look for momentum on the ADX to rise as price approaches range support and a break to signal the next leg lower to the 84.50 area. The fundamental activity that may contribute to price action are the NZD PPI and inflation expectation numbers on Monday.