NZDJPY broke daily up channel

NZDJPY broke daily up channel
Further losses are likely

NZDJPY recently broke the support trendline of the daily up channel from the start of January.

The breakout of this up channel follows the earlier downward reversal from the key resistance level 76.50 (which has been reversing the price from the end of February).

NZDJPY is expected to fall further and re-test the next support level 74.80 (low of the previous wave (a)) – the breakout of which can lead to further losses toward 74.00.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: NZDJPY

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