NZD/JPY reversed from major support level 73.20
By: Dmitriy Chernovolov
- NZD/JPY reversed from major support level 73.20
- Next buytarget - 74.60
NZD/JPY continues to rise after the earlier upward reversal from the major support level 73.20 (which has reversed the previous sharp impulse waves ①, (1) and 1, as can be seen from the daily NZD/JPY chart below). The support level 73.20 is the lower boundary of the powerful support zone which has been reversing the price from August of 2015. The support zone near the support level73.20 was strengthened by the lower daily Bollinger Band.
Given the strength of the support level 73.20 and the oversold reading on the daily Stochastic indicator - NZD/JPY can be expected to correct up to the next resistance level 74.60 (top of the aforementioned price range).