NZDJPY Wave Analysis – 3 March 2023

• NZDJPY reversed from resistance level 85.00

• Likely to fall to support level 84.00

NZDJPY recently reversed down from the resistance level 85.00 (former top of wave (b) from December) intersecting with the upper daily Bollinger Band.

The resistance level 85.00 stands in the middle of the wide multi-month sideways price range inside which the pair has been moving from the start of last year.

Given the overbought daily Stochastic, NZDJPY can be expected to fall further toward the next support level 84.00.