NZDJPY Wave Analysis – 24 July, 2020

• 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).