NZD/JPY: sell target - 74.50
By: Dmitriy Chernovolov
- NZD/JPY falling inside impulse waves 3 and (3)
- Next sell target - 74.50
NZD/JPY recently reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance level 77.50 (former upper boundary of the narrow sideways price range inside which the pair traded from August to September). The downward reversal from the resistance level 77.50 started the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from the end of December.
NZD/JPY is likely to fall further in the active impulse waves 3 and (3) toward the next sell target at the support level 74.50 (which previously reversed the pair sharply in September).