Categories: 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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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