Technical analysis

NZDJPY Wave Analysis – 01 November , 2018

  • NZDJPY broke resistance area
  • Further gains are likely

NZDJPY recently broke above the resistance area located between the strong resistance level 74.30 (top of the previous impulse wave 1 from October) and the 61.8% Fibonacci correction of the previous downward correction from last month.

The breakout of this resistance area accelerated the active short-term impulse wave 3 – which belongs to the extended impulse wave (C).

NZDJPY is expected to rise further and re-test the next resistance level 75.50 (top of the previous corrective waves (A) and B).

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