NZD/JPY was on a great run coming into today. The pair had risen in seven straight days after rejecting support at 68.00 in late August.
Yesterday, it looked like a break above a double-top and heading to the best levels of the year. However today the pair is down 1.2% to wipe out the past three days of gains.
Still, it’s not exactly a red flag on the chart. At worst it looks like a triple-top and that’s generally bullish. Alternatively, you could argue it’s a messy head-and-shoulders top but I wouldn’t go there.