NZD/JPY is looking bearish in our opinion, prices reversed aggressively from monthly resistance, has retraced and is unable to close above the .382 fib level. We still have a short bias in this pair and Yen weakness is beginning to creep in which supports my idea. We will short on the close of the daily candle, and looks like an evening star could form here. Our first target is at the .27 extension level, which is confluent with monthly support. Look out for Japanese Current Account data later this week, although it is unlikely to provide high volatility, these figures have a tendency to miss expectations and could affect this trade.
