NZDJPY Wave Analysis – 24 July, 2020
July 24, 2020 @ 17:20 +03:00
• NZDJPY reversed from resistance level 71.60
• Likely to fall to 70.00
NZDJPY recently reversed down from the resistance level 71.60 (former top from June) – intersecting with the upper daily Bollinger Band.
The downward reversal from the resistance level 71.60 created the daily Japanese candlesticks reversal pattern Bearish Engulfing.
Given the extreme yen bullishness – NZDJPY is likely to fall further toward the next support level 70.00 (low of the previous correction (2) from the start of June).