NZDJPY Wave Analysis – 30 July, 2019

• NZDJPY broke daily up channel
• Further losses are likely

NZDJPY recently broke the daily up channel from the middle of June – which accelerated the active short-term impulse wave 3 from key resistance level 73.00.

The breakout of this daily up channel strengthened the bearish pressure on NZDJPY – accelerating the active impulse waves 3 and (3).

NZDJPY is expected to fall further and retest the next support level 71.50 (low of the previous short-term (b)-wave).