NZDJPY Wave Analysis – 02 August, 2019

NZDJPY broke key support level 70.35
Further losses are likely

NZDJPY recently broke below the pivotal support level 70.35 – which reversed the price sharply in May and June.

The breakout of the support level 70.35 accelerated the active impulse wave 3 – which belongs to the extended, medium-term impulse wave (3) from March.

NZDJPY is expected to fall further and retest the next support level 69.00 (which coincides with the support trendline of the daily down channel from December).

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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