Took a short position at market open this morning. I had to make room for the trade by closing a AUDNZD long and a GBPNZD long (netting 1800 pips in total). This pair is only just making its break and I think it might move a long way. The market reported huge Yen shorts via the COT report, that often signifies a turning point and a general risk aversion move seems to be sweeping equities. I considered taking the USDJPY but was concerned about the FEDS likely moves ahead. As always i am working on a 1 - 6 month time frame for this trade. I wrote up the trade in advance you are welcome to read my efforts here. drive.google.com/file/d/0B0ewx-etIlgcZGtILW4ycVN5dFU/view?usp=sharing
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justatrader
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Good spotting. Resistance is clearly seen near 91 and the current break down at support. So 84 looks likely a target off the triple top?? I think we also see a break of the trend line too.
SteveTobin
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You are correct about the trend line, it appears on the weekly and daily charts, my other concern was the overbought signal on the daily, however the weekly chart has a number of good technicals, break of the sumo cloud and MACD being the important ones. you can see these on the candle chart attached