Technical analysis

NZDJPY Wave Analysis 17 May, 2021

• NZDJPY reversed from key resistance level 79.15

• Likely to fall to support level 77.70

NZDJPY recently reversed down from the major resistance level 79.15 – which stopped all previous impulse and corrective waves from February.

The resistance zone near the resistance level 79.15 was strengthened by the upper daily Bollinger Band.

NZDJPY is likely to fall further toward the next support level 77.70 (low of the previous minor corrective wave 2 from the start of May).

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