NZDJPY 4 hour block - January 8, 2020

NZDJPY 4 hour
- Currently NZDJOY is in an uptrend.
- Price is coming near previous pullback which intersects with the 61 and 71 fib level.
- The pink ellipses outlines a head and shoulder formation with the current price being the right shoulder head.
- If price creates a H&S formation, NJ will come back to the major daily uptrend line before breaking and retesting or creating a 3rd touch and moving back up.

- Price may also break the minor trend line here and continue moving up.