NZDJPY Technical Analysis Report 20 April, 2021

• NZDJPY broke resistance area
• Likely to rise to resistance level 79.00

NZDJPY recently broke the resistance area lying between the key resistance level 78.00 (top of the previous impulse wave 1) and the 61.8% Fibonacci correction of the sharp downward impulse C from the middle of March. The breakout of this resistance area should accelerate the active impulse wave 3 of the intermediate impulse wave (3) from the end of last month.

Given the predominant uptrend and the steadily strengthening of the yen bearish sentiment seen accorss the currency markets today – NZDJPY currency pair can be expected to rise further toward the next resistance level 79.00 (top of the previous waves (1) and B).

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