NZDJPY Wave Analysis – 03 Janaury, 2019

• NZDJPY broke multi-month support level 72.20
• Further losses are likely

NZDJPY recently broke through the powerful multi-month support level 72.20 (which has been steadily reversing the price from the middle of August, as can be seen below).

The breakout of the support level 72.20 continues the active short-term impulse wave 5 – which belongs to the medium-term impulse wave (C) from the start of December.

NZDJPY is expected to fall further and re-test the next support level 71.00 (former support from the middle of 2016).