NzdJpy pattern looking awfully similar to the 2008 GFC
The similarities are undeniable, and to be honest I don't think the circumstances are that different either. 7 years of unprecedented printing press activity and ridiculous 'easy money' policy by central banks is a recipe for disaster.
The yen is on it's way to becoming totally worthless but ironically 2016 is shaping up for yen strength from a technical standpoint. The massive head and shoulders pattern here is in play and suggests a downside target of 50.50. We are close to breaking the neck but as this is a weekly chart some patience will be required to see the position play out.
Fundamentals and technicals are lining up. Stay short into the end of the year. We may need a catalyst such as the US elections to get us going. Either way, strap yourselves in and get ready for a wild ride!
The yen is on it's way to becoming totally worthless but ironically 2016 is shaping up for yen strength from a technical standpoint. The massive head and shoulders pattern here is in play and suggests a downside target of 50.50. We are close to breaking the neck but as this is a weekly chart some patience will be required to see the position play out.
Fundamentals and technicals are lining up. Stay short into the end of the year. We may need a catalyst such as the US elections to get us going. Either way, strap yourselves in and get ready for a wild ride!
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