NZDJPY Wave Analysis – 18 May, 2020

• NZDJPY reversed from support area

• Likely to rise to 65.70

NZDJPY today reversed up from the support area lying between the support level 63.60 (lower boundary of the sideways price range from March), lower daily Bollinger band and the 38.2% Fibonacci correction of the previous upward impulse (i) from March.

The upward reversal from this support area is likely to create the daily Bullish Engulfing – if the pair closes today near the current levels. NZDJPY is likely to rise further toward the next round resistance level 65.70 (lower boundary of the active sideways price range).