NZD/JPY: sell target - 74.50
By: Dmitriy Chernovolov
- NZD/JPY reversed from resistance area
- Next sell target - 74.50
NZD/JPY recently reversed down strongly from the resistance zone lying between the resistance level 77.50 (which also reversed the (ii)-wave earlier this month) and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave 1 from the end of December. The downward reversal from this resistance zone continues the active intermediate impulse wave (3) - which belongs to the primary downward impulse wave ③ from the start of December.
Given the strength of the resistance zone near the resistance level 77.50 – NZD/JPY is likely to fall further to the next sell target at the support level 74.50.