NZD/JPY top in place for wave ii at 91.12
The correction in wave ii stopped exactly at the 70.7% corrective target at 91.12. The 70.7% corrective target is not a Fibonacci target, but in the currency world this target is seen tested so many times, that one always should be aware of it.
The decline seen from the 91.12 high, clearly looks impulsive in character (see the 15 minute chart). The break below support-line from 86.06 is a second indication that wave ii is over and wave iii lower is taking over. The first target for wave iii is found at the 161.8% extension of wave i at 74.88, so we are only in the very beginning of a larger decline, that's expected to take us down to something like the 40 handle over the coming weeks and months.
Looking at the NZD crosses they seems to align nicely and all pointing lower for the NZD. Even AUD/NZD seems to have found a long term bottom and, this means that NZD will lead the next decline. Maybe just maybe the reason for this weakness in the NZD should be found abroad (read China). China could be in for quite a decline if the real estate bubble finally is bursted and the consequeses is felt throughout the entire Chinese economy. The Chinese economy has walked on an eged for years, but maybe the the Chinese government is loosing the balance... Only time will show.