Technical analysis

NZDJPY Wave Analysis 20 November, 2020

NZDJPY Wave Analysis 20 November, 2020

• NZDJPY reversed from support level 71.60

• Likely to rise to 72.70

NZDJPY continues to rise inside the upward correction B, which started earlier from the strong support level 71.60 (former powerful resistance which has been reversing the price from February).

The active wave B belongs to the medium-term ABC correction (4) from the start of November.

Given the clear daily uptrend and the rising NZD bullishness – NZDJPY is likely to rise further toward the next resistance level 72.70 (top of the previous wave (3) and the target price for the completion of the active correction B).

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