NZD/JPY Price Analysis: Bears testing bullish commitments at key structure

• NZD/JPY is in the process of completing W-formation. 
• Bulls will be looking for opportunities on the upside if the neckline holds. 

The following is an analysis of NZD/JPOY which is in the throws of completing the W-formation in a drop to test the neckline of the pattern.

Daily chart

As illustrated, the price is headed for completion of the neckline for which bears can capitalise from the hourly time frame as shown below. 

However, longer-term, the bulls will be back at the table for another puh to the upside should the support structure hold, as illustrated above. 

Hourly chart

The probability is over 50% of the breakout continuing for bears to target the 50% mean reversion and confluence wi the daily structure's neckline.