NZD/JPY: sell targets - 74.50 and 74.00
By: Dmitriy Chernovolov
- NZD/JPY falls inside impulse waves 3 and (5)
- Next sell targets - 74.50 and 74.00
NZD/JPY continues to fall after the price reversed down once again from the resistance zone lying between the resistance level 77.50 (which also previous stopped the intermediate ABC correction (4) in September) and the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (3). The latest downward reversal from this resistance zone completed the second minor correction 2 of the active intermediate impulse (5).
NZD/JPY is likely to fall further in the active impulse waves 3 and (5) toward the next sell targets at the support levels 74.50 (low of previous B-wave) and 74.00.