NZD/JPY broke resistance level 74.60
By: Dmitriy Chernovolov
- NZD/JPY broke resistance level 74.60
- Next buy targets – 76.200
NZD/JPY recently rose sharply – breaking through the resistance level 74.60, which was set as the buy target in our earlier forecast for this currency pair. The breakout of this resistance level intensified the bullish pressure on this currency pair – accelerating the active upward correction, which started earlier – when the price reversed up from the major support level 73.20 (which has been reversing the price from March, as can be seen below).
NZD/JPY is likely to rise further toward the next buy target at the resistance level76.200 (61.8% Fibonacci correction of the previous sharp downward impulse from the end of March). Strong support remains at 73.20.