NZDJPY Is Back To Bullish Mode from technical and Elliott wave perspective, as we see it breaking back above trendline after a corrective decline.
NZDJPY is nicely recovering over the last few weeks after a strong rebound from 80.40 support, a key level going back to March 2023. Notice that it’s recovering after a three-wave ABC corrective decline that belongs to a higher degree wave IV correction. Current recovery looks to be in five waves, as a leading diagonal; so its a motive wave structure that already pushed above the 87.34 resistance, which is a strong bullish signal, suggesting more upside ahead. Of course, short-term pullbacks are always possible and welcome, and in that case, the 86 – 84 area could act as a nice support. But overall, we think that sooner or later the pair will target the 90 or even 92 levels, which are still possible this year. Wave V is eyeing even 100 area.
NZDJPY is nicely recovering over the last few weeks after a strong rebound from 80.40 support, a key level going back to March 2023. Notice that it’s recovering after a three-wave ABC corrective decline that belongs to a higher degree wave IV correction. Current recovery looks to be in five waves, as a leading diagonal; so its a motive wave structure that already pushed above the 87.34 resistance, which is a strong bullish signal, suggesting more upside ahead. Of course, short-term pullbacks are always possible and welcome, and in that case, the 86 – 84 area could act as a nice support. But overall, we think that sooner or later the pair will target the 90 or even 92 levels, which are still possible this year. Wave V is eyeing even 100 area.
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US Single STOCKS (FREE Access), FX, Crypto
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.