Technical analysis

NZDJPY Wave Analysis – 9 August, 2022

NZDJPY Wave Analysis – 9 August, 2022

• NZDJPY broke resistance level 84.70

• Likely to rise to resistance level 86.40

NZDJPY today broke the resistance level 84.70 (top of the earlier Shooting Star from the start of this month) intersecting with the 681% Fibonacci correction of the downward impulse (c) from July.

The breakout of the resistance level 84.70 should accelerate the active short-term impulse wave (iii), which belongs to wave C from May.

Given the clear daily uptrend, NZDJPY can be expected to rise toward the next resistance level 86.40 (which has been reversing the price from March).

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