• NZDJPY rising inside short-term impulse wave 3
• Likely to reach resistance level 78.5
NZDJPY currency pair just reversed up from the the key support level 76.50 (which has been steadily reversing the pair from the end of September, as can be seen from the daily NZDJPY chart below) – strengthened by the nearby lower daily Bollinger Band. The upward reversal from the support level 76.50 started the active short-term impulse wave 3 – which belongs to the higher order impulse wave (3) from the start of December.
Given the strongly bearish yen sentiment seen across the FX markets today, NZDJPY currency pair can be expected to rise further toward the next resistance level 78.5 (former monthly high from September).