Technical analysis

NZDJPY Wave Analysis 18 March, 2021

NZDJPY Wave Analysis 18 March, 2021

• NZDJPY reversed from support resistance

• Likely to reach support level 77.00

NZDJPY previously reversed down sharply from the resistance area set between the resistance level 79.15 (which sopped the previous sharp impulse wave 3) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous minor impulse wave 5.

Given the bearish divergence on the daily Stochastic indicator – NZDJPY currency pair is likely to fall further toward the next support level 77.00.

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