Technical analysis

NZDJPY Wave Analysis – 16 March 2023

• NZDJPY reversed from support level 81.20

• Likely to rise to resistance level 83.00

NZDJPY currency pair recently reversed up from the key support level 81.20 (lower boundary of the wide sideways price range inside which the price has been moving from last April).

The upward reversal from the support level 81.20 created the daily candlesticks reversal pattern Hammer.

NZDJPY currency pair can be expected to rise further toward the next resistance level 83.00 (former support from the start of February).

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