NZDJPY Wave Analysis – 21 December , 2018

• NZDJPY broke the support zone
• Further losses are likely

NZDJPY recently broke the support zone lying between the key support level 75.50 (former resistance from September) and the 50% Fibonacci correction of the previous sharp upward impulse form October.

The breakout of this support level should continue the active short-term impulse wave 3 of medium-term downward impulse wave (C) from the start of this month.

NZDJPY is expected to fall further and re-test the next support level 74.00 (forecast price calculated for the completion of the active impulse wave 3).