NZDJPY Wave Analysis – 31 August, 2020

• NZDJPY broke key resistance level 70.60

• Likely to rise to 71.60

NZDJPY recently broke the key resistance level 70.60 – top of the B-wave of the previous ABC correction (2) from the middle of July.

The breakout of the resistance level 70.60 was preceded by the breakout of the daily down channel from last month – which encloses the aforementioned d ABC correction (2).

NZDJPY is expected to rise further toward the next resistance level 71.60 (top of the previous impulse wave (1)).