NZDJPY Wave Analysis – 05 August, 2019

NZDJPY reversed from support level 69.00
Further gains are likely

NZDJPY today reversed up from the support level 69.00 – which was set as the likely downward target in our earlier forecast for this currency pair.

The support area near the support level 69.00 was strengthened by the lower daily Bollinger Band and by the support trendline of the daily down channel from last year.

NZDJPY is expected to rise further and retest the next resistance level 70.35 (former support from May and June).

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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