NZDJPY Technical Analysis Report 4 May, 2021

• NZDJPY reversed from resistance area
• Likely to fall to support level 77.00

NZDJPY currency pair recently reversed down from the powerful resistance area lying between major resistance level 79.00 (former monthly high from February and March- as can be seen below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous minor impulse wave (iii) from the start of April.

Given the strength of the resistance area near the resistance level 79.00 and the strongly bullish yen sentiment seen today – NZDJPY currency pair can be expected to fall further toward the next support level 77.00 (low of the previous corrective wave (ii) from the start of April).

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