Technical analysis

NZDJPY Wave Analysis – 27 August, 2021

• NZDJPY broke key resistance level 76.65

• Likely to rise to resistance level 77.80

NZDJPY Wave Analysis – 27 August, 2021 continues to rise after the price broke above the key resistance level 76.65 (which stopped the pervious impulse wave (a)).

The breakout of the resistance level 76.65 coincided with the breakout of the 61.8% Fibonacci correction of the previous wave 1 – which accelerated the active corrective wave 2.

Given strong yen outflows, NZDJPY can be expected to rise further toward the next resistance level 77.80 (target price for the completion of the active corrective wave 2, top of wave (B)).

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