NZD/JPY falling inside minor impulse wave C Next sell target - 76…
NZD/JPY broke resistance zone
- NZD/JPY broke resistance zone
- Next buy target - 82.50
NZD/JPY continues to rise inside the minor impulse wave (v), which belongs to the C-wave of the intermediate ABC correction (2) from the start of April. The price earlier broke through the resistance zone lying at the intersection of the resistance level 80.50 (former powerful support from December and February), resistance trendline of the daily up channel from April and the 61.8% Fibonacci correction of the downward impulse from the end of January. NZD/JPY is expected to rise to the next buy target at the next resistance level 82.50 (target price for the termination of the active wave (C)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.