• NZDJPY reversed from support area
• Likely to reach resistance level 79.00
NZDJPY currency pair recently reversed up from the support area lying between the support level 75.60 (former monthly high from January), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse wave 3. The upward reversal from this support area started the active minor upward impulse wave 5 – which belongs to the intermediate upward impulse wave (3) from December.
Given the strong multi-month uptrend that can be seen on the daily NZDJPY – this currency pair is likely to rise further toward the next key resistance level 79.00 (top of the previous impulse wave 3 from the end of February – which also earlier formed the bearish engulfing in the middle of march).