We have got a hanging man & overbought RSI on NZD/JPY

Am still not a seller here as the Hanging Man needs to have a bearish follow through to confirm trend reversal.

Daily chart

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One may also take a potential breach of the rising trend line on the RSI as an additional confirmation of the trend reversal.

On a larger scheme of things, the cross looks bullish. I say this because of the inverse head and shoulders formation…the neckline level of 83.96 could be put to test during the current quarter.

Weekly chart

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