NZDJPY Wave Analysis – 3 September, 2020

• NZDJPY reversed from key resistance level 71.60

• Likely to fall to 71,00

NZDJPY today reversed down from the key resistance level 71.60 (which also reversed the previous sharp upward impulses in June and July).

The resistance zone near the resistance level 71.60 was strengthened by the upper daily Bollinger Band.

Given the overbought reading on the daily Stochastic indicator – NZDJPY is likely to fall further toward the next support level 71,00.