Today we will talk about NZDJPY pair, its price action from technical point of view and wave structure from Elliott wave perspective.
As you can see NZDJPY is trading bullish, ideally within a five-wave impulse from the March 2020 lows, mainly because of current slow price action and corrective wave structure with perfect support at the 50% Fibo. retracement of wave 3 that belongs to wave 4.
Well, we believe that there can be room for more upside within wave 5 to complete a five-wave cycle before we will see bigger and deeper corrective decline, especially because of recent break above channel resistance line, so watch out for a continuation higher towards 82-84 area.
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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