Market Snapshots

NZDJPY Wave Analysis – 11 June, 2020

NZDJPY Wave Analysis – 11 June, 2020

• NZDJPY falling inside wave (2)

• Likely to fall to 68,00

NZDJPY falling sharply inside the medium-term downward corrective wave (2), which started earlier from the resistance area lying between the resistance level 71,00 (middle of the previous resistance cluster from February) and the upper daily Bollinger Band.

The downward reversal from the resistance level 71,00 created the combined daily Japanese candlesticks reversal pattern Evening Star Doji.

NZDJPY is likely to fall further toward the next support level 68,00 (former resistance level from the start of March).

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