Technical analysis

NZDJPY Wave Analysis – 30 May 2023

• NZDJPY falling inside impulse wave (3)

• Likely to reach support level 83.80

NZDJPY currency pair continues to fall inside the intermediate impulse wave (3), which started earlier from the key resistance level 87.35 (upper border of the wide weekly sideways price range inside which the pair has been trading from last year).

The current impulse wave (3) belongs to the intermediate downward impulse sequence (3) from the start of December.

NZDJPY can be expected to fall further toward the next support level 83.80 (which reversed the pair sharply twice earlier this month).

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