• NZDJPY reversed from key support level 77.20
• Likely to reach resistance level 79.09
NZDJPY currency pair recently reversed up from the key support level 77.20 (which has been steadily reversing the pair from the end of February – as can be seen from the daily NZDJPY chart below) – standing near the 38.2% Fibonacci correction of the previous sharp upward impulse wave 3 form January and the support trendline of the daily up channel from October. The upward reversal form this support level continues the active impulse waves 5 and (3).
Given the prevailing uptrend that can be seen on the daily charts – NZDJPY currency pair is likely to rise further the toward the next resistance level 79.09 (top of the previous sharp upward impulse wave 3 from last month).