• NZDJPY reversed from support zone
• Likely to rise to resistance level 77.00
NZDJPY currency pair recently reversed up from the support area lying between the key support level 76.00 (which has been reversing the pair from the start of December as can be seen from the daily NZDJPY chart below) and the lower daily Bollinger Band . The upward reversal from the support level 76.00 stopped the previous intermediate ABC correction (2).
Given the strength of the oversold daily Stochastic, nearby support level 76.00 and the rising new Zealand dollar bullishness seen across the FX markets today – NZDJPY currency pair can be expected to rise further toward the next resistance level 77.00.