NZDJPY has declined over the past few weeks, but the structure still appears corrective rather than impulsive. The recent weakness can be interpreted as a sharp three-wave pullback, potentially representing wave (4) within a larger five-wave bullish impulse.
If this wave count is correct, the pair could soon resume its uptrend in wave (5). The first upside target comes into the 96.00–97.00 resistance area, while a stronger extension could see NZDJPY rally toward the 99.00 region before the broader impulsive sequence is complete.
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