FX.co ★ NZDJPY M5: Head and Shoulders

According to the chart of M5, NZDJPY formed the Head and Shoulders pattern. The Head’s top is set at 90.04 while the median line of the Neck is found at 89.78/89.81. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of NZDJPY will go towards 89.66.