Blake Morrow’s Chart of The Day – Feb 10th 2021
The NZDJPY rally had been hugging the underside of the broken trend line since mid February as we bounced. However, the failure to close above the broken trend line may be at risk for the bulls now that we rejected the 127% extension and also closed back below the 75.54 breakout point. RSI has been very divergent on the rally and now looks to be turning lower. Bulls should be careful now.