NZDJPY Wave Analysis – 14 December, 2022

• NZDJPY reversed from resistance level 87.73

• Likely to fall to support level 86.00

NZDJPY recently reversed down from the major resistance level 87.73 (which stopped the previous sharp uptrend in September), intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 87.73 stopped the earlier short-term impulse waves (iii) and 3, which belong to the higher order impulse wave (C) from May.

Given the bearish NZD sentiment seen today, NZDJPY can be expected to fall further toward the next support level 86.00.