NZD/JPY Technical Analysis: Bears wait for the next high-probability opportunity

• NZD/JPY has completed a fresh downside impulse to a 0.6950 target.
• Bears hope for a correction to the upside strycrure and for it to resist and offer a high probability setup. 

Further to the previous analysis, where 0.6950s were being targetted, the price has finally achieved the area, although it played out in a rather frustrating sideways chop which would have trapped both bulls and bears along the way. 

Previous 1D chart analysis

Current market

As can be seen, the price has reached the target and is now in a phase of consolidation, giving rise to a potential retracement of the drop. 

This will open prospects of a test of the resistance area and offer another downside opportunity. 

The following is s top down analysis that arrives at the current prospects for another bearish setup.

Weekly chart

The weekly chart shows that the price has failed multiple times at resistance but is now stalling at a support structure.

Daily chart

On a restest of the newly formed structure which would be expected to act as a resistance, the bears can move down to the 4-hour time frame and prepare for bearish cnditons to short the next bearish impulse.