Categories: Technical analysis

NZDJPY Wave Analysis – 24 July, 2020

• NZDJPY reversed from resistance level 71.60

• Likely to fall to 70.00

NZDJPY recently reversed down from the resistance level 71.60 (former top from June) – intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 71.60 created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

Given the extreme yen bullishness – NZDJPY is likely to fall further toward the next support level 70.00 (low of the previous correction (2) from the start of June).

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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