There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
NZD/JPY reversed from resistance area
- NZD/JPY reversed from resistance area
- Next sell target - 80.00
NZD/JPY recently reversed down from the resistance area lying between the resistance level 83.600 (which was set as the buy target in our earlier forecast for this currency pair and which reversed the earlier sharp upward impulse waves (3) and (5), as can be seen below) and the upper weekly Bollinger Band. NZD/JPY is expected to fall further to next sell target at the next round support level 80.00 (intersecting with the 50% Fibonacci correction of the weekly upward impulse from April).
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.