Technical analysis

NZDJPY rising inside medium-term impulse wave (C)

  • NZDJPY rising inside medium-term impulse wave (C)
  • Further gains are likely

NZDJPY continues to rise inside the strong medium-term impulse wave (C), which started earlier from the combined support area lying between the major support level 72.30 (which also reversed the price in August and September) and the lower daily Bollinger Band.

The upward reversal from the aforementioned support area created the daily Japanese candlestick reversal pattern Piercing Line.

NZDJPY is expected to rise further in the active impulse wave (C) and re-test the next resistance level 74.00. Strong support remains at the support level 72.30.

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