Technical analysis

NZDJPY Wave Analysis – 22 May 2023

• NZDJPY broke key resistance level 86.00

• Likely to rise to resistance level 87.85

NZDJPY rising strongly after the price broke the key resistance level 86.00 (which stopped the previous short-term impulse wave (i) at the start of May).

The breakout of the resistance level 86.00 accelerated the minor C-wave of the active ABC correction (2) from the end of March.

NZDJPY can be expected to rise further toward the next resistance level 87.85 (target price for the completion of the active impulse wave C, top of the wide weekly sideways price range from 2022).

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