NZD/JPY: trade idea
- NZD/JPY rises inside minor impulse 3
- Next buy target - 92.00
NZD/JPY continues to advance inside the 3rd minor impulse wave 3, which started earlier this month – when the pair reversed up from the combined support zone lying between the following support levels: support trendline of the weekly up channel from June of 2013, the lower daily Bollinger Band, the support level 84.00 (which also previously reversed the intermediate ABC correction (2) in October of 2014) and the 50% Fibonacci Correction of the previous weekly upward impulse from June of 2013.
The upward reversal from the aforementioned support zone led to the formation of the strong weekly Japanese candlesticks reversal pattern – Bullish Engulfing (highlighted below). NZD/JPY is likely to rise further in the active minor impulse 3 to the next buy target 92.00.