NZDJPY Wave Analysis – 24 November, 2022

• NZDJPY reversed from resistance level 87.28

• Likely to fall to support level 86.00

NZDJPY recently reversed down from the long-term resistance level 87.28 (which has been reversing the pair from the end of March, as can be seen below).

The downward reversal from the resistance level 87.28 is likely to form the daily reversal pattern Bearish Engulfing.

Given the proximity of the resistance level 87.28 and the overbought daily Stochastic, NZDJPY can be expected to fall further toward the next support level 86.00.