NZD/JPY: sell target - 76.00
By: Dmitriy Chernovolov
- NZD/JPY reversed from resistance zone
- Next sell target - 76.00
NZD/JPY continues to fall after the earlier sharp downward reversal from the resistance zone lying between the pivotal resistance level 77.90 (which also previously stopped the earlier minor correction A at the start of March, as can be seen below), the upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp intermediate impulse wave (1) from December.
The downward reversal from the aforementioned resistance zone completed the previous ABC correction (2). NZD/JPY is likely to fall in the active intermediate impulse wave (3) toward the next sell target at the support level 76.00.