EUR/JPY broke key support level 131…
NZD/JPY broke strong support level 78.20
- NZD/JPY broke strong support level 78.20
- Next sell target - 76.50
NZD/JPY today broke below the strong support level 78.20 (which stopped the previous minor impulse wave A at the start of September, as can be seen below). The breakout of this support 78.20 should accelerate the active impulse wave C which belongs to the intermediate ABC correction (2) from the end of July. NZD/JPY is expected to fall to the next sell target at the next support level 76.50 (which reversed previous wave 2 in May).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.