What happened? Japanese shares fell on Monday…
NZD/JPY reached buy target 82.50
2019-11-11 • Updated
- NZD/JPY reached buy target 82.50
- Next buy target - 83.60
NZD/JPY today broke above the key resistance level 82.50 (which reversed the previous B-wave in the middle of February and which was set as the buy target in our earlier forecast for this currency pair). The breakout of the resistance level 82.50 accelerated the active minor impulse waves (v) and 3 – both of which belong to the sharp intermediate impulse wave (C) from the start of April. NZD/JPY is expected to rise to the next buy target at the resistance level 83.60 (top of waves 3 and (A) and the forecast price for the completion of the impulse wave 3).
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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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