NZD/JPY: sell target – 87.00
By: Dima Chernovolov
- NZD/JPY approached pivotal support level 88.00
- Next sell target – 87.00
NZD/JPY today reversed down strongly from the resistance level 89.00 (which has been reversing the price from the start of this month). This downward reversal brought the price close to the pivotal support level 88.00 (which has been reversing the pair from the middle of February, as can be seen below). The support zone near 88.00 is also strengthened by the 50% Fibonacci Correction of the previous primary ABC correction ② from February.
If the price breaks the support level 88.00, NZD/JPY can then fall to the next sell target at the support level 87.00. Alternatively, the pair is likely to retest the resistance level 89.00.