The NZDJPY may soon head higher after being on a downtrend for quite some time now as it looks to be forming an inverted head and shoulders chart pattern. As you can see from 1-hour chart, the Kiwi has been on the losing end against the Japanese yen. However, a move above the neckline resistance of the inverted kilroy at 77.50 could send it to an upside target of 80.50. Given this potential upside, I’m going to go long on the New Zealand dollar and short on the Japanese yen on breakout at around 77.70 with a target at 80.50 and a stop loss at 77.00. Wish me luck on forex trading!