Technical analysis

NZDJPY Wave Analysis 1 October, 2020

NZDJPY Wave Analysis 1 October, 2020

• NZDJPY broke resistance level 70.00

• Likely to rise to 71.00

NZDJPY recently broke the resistance level 70.00 (which was set as the likely upward target in our previous forecast for this currency pair).

The breakout of the resistance level 70.00 coincided with the breakout of the 38.2% Fibonacci correction of the  previous downward ABC correction (2) – accelerating the active impulse wave (1).

NZDJPY is likely to rise further toward the next resistance level 71.00 (which started the C-wave of the previous ABC correction (2)).

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