NZD/JPY: buy targets - 91.00 and 92.00
- NZD/JPY reversed from support zone
- Next buy targets - 91.00 and 92.00
NZD/JPY recently corrected down sharply – after the price reached the buy target 91.00, which was set in our previous forecast for this currency pair. The subsequent downward correction from 91.00 recently stopped at the support zone located between the support level 89.00 and the 38.2% Fibonacci Correction of the previous sharp upward impulse from the start of February. The upward reversal from this support zone created the powerful Japanese candlesticks reversal pattern – Bullish Engulfing (highlighted on the daily NZD/JPY chart below).
Having just completed the minor correction (ii) - NZD/JPY can be expected to rise further inside the next minor impulse (iii) toward the next buy targets 91.00 and 92.00.