Technical analysis

NZDJPY Wave Analysis 22 April, 2021

• NZDJPY reversed from resistance area

• Likely to fall to support level 76.65

NZDJPY currency pair recently reversed down sharply from the resistance area located between the pivotal resistance level 78.0.0 (top of the previous impulse wave 1) and the upper daily Bollinger Band.

The downward reversal from this resistance area created the daily candlesticks reversal pattern Bearish Engulfing – which follows the earlier reversal pattern Shooting Star.

NZDJPY is likely to fall further toward the next support level 76.65 (low of the previous minor correction 2).

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