In a similar set up to the NZDJPY we have planned this week. The pair is now showing signs that is macro retracement is coming to an end now that we have come back to test the previous breakout of consolidation at 82.20. last week showed us a few days of indecision before sellers came back into the market to seemingly take control once again. Now given our proximity to 81.00 it would be wise to ensure this level is broken before taking entries as we look for the price to fall down to 80.60. this would then place us back inside the range we have seen at 80.60-79.20 but more importantly giving us a clear indication as to where the direction of the next leg for this pair is going to be. If we break back inside of this range this week then 79.20 will naturally become our next target before we look for the pair to make its new low on the higher time frames.
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