• NZDJPY reversed from resistance zone
• Likely to fall to support level 77.75
NZDJPY currency pair recently reversed down from the resistance zone lying between the key resistance level 79.00 (which has been reversing the price from the end of February) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous impulse waves (iii), 3 – which belong to the intermediate upward impulse sequence (5) from the end of March.
Given the strength of the aforementioned resistance zone and the continuation of the positive yen sentiment on safe-haven inflows – NZDJPY currency pair can be expected to fall further toward the next support level 77.75 (low of the previous correction (ii)).