NZDJPY Wave Analysis – 16 January, 2023

• NZDJPY reversed from key support level 81.35

• Likely to rise to resistance level 82.60

NZDJPY currency pair recently reversed up from the key support level 81.35 (which is the lower border of the wide sideways price range inside which the pair has been moving from September).

The support level 81.35 was further strengthened by the lower daily Bollinger Band.

Given the strength of the support level 81.35, NZDJPY can be expected to rise further toward the next resistance level 82.60 (former support level which stopped wave A at the end of last month).