Technical analysis

NZDJPY Wave Analysis – 1 August, 2022

NZDJPY Wave Analysis – 1 August, 2022

• NZDJPY reversed from support level 83.10

• Likely to rise to resistance level 84.30

NZDJPY currency pair recently reversed up from the strong support level 83.10 (low of the earlier waves (2) and 2), support trendline from February, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May.

The upward reversal from the support level 83.10 stopped the previous short-term correction (ii).

Given the clear daily uptrend, NZDJPY currency pair can be expected to rise further in the next impulse wave (iii) toward the next resistance level 84.30.

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