Technical analysis

NZDJPY Wave Analysis 13 October 2023

– NZDJPY under bearish pressure

– Likely to fall to support level 87.55

NZDJPY under the bearish pressure after the earlier downward reversal from the strong resistance level 89.70 (previous multi-month high from July) coinciding with the upper daily Bollinger Band.

The downward reversal from the resistance level 89.70 created the daily Japanese candlesticks reversal pattern Evening Star Doji, highlighted below.

Give the strength of the resistance level 89.70 and the strong NZD sales, NZDJPY can be expected to fall further toward the next support level 87.55 (former resistance from August).

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