NZDJPY Wave Analysis 31 December, 2020

• NZDJPY broke resistance level 74.00

• Likely to rise to 75.00

NZDJPY recently broke above the resistance level 74.00 (which stopped the 2 previous waves (1) and B – as can be seen from the daily NZDJPY chart below).

The breakout of resistance level 74.00 coincided with the breakout of the wide daily up channel from June – which added to the bullish pressure on this currency pair.

NZDJPY is expected to rise further to the next round resistance level 75.00. Strong combined support now stands at the support level 74.00.