Technical analysis

NZDJPY Wave Analysis – 19 June 2023

– NZDJPY reversed from resistance level 88.00

– Likely to fall to support level 87.20

NZDJPY currency pair recently reversed down after the pair failed to keep the ground above the key resistance level 88.00 (former multi-month high from last December).

The downward reversal from the resistance level 88.00 stopped the 2 of the earlier upward impulse waves – C and (iii).

Given the overbought daily Stochastic, NZDJPY can be expected to fall further toward the next support level 87.20 (former top of the previous impulse wave A).

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