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.
Elliott Wave Analysis: NZDJPY Is Looking For The 5th Wave by ew-forecast on TradingView.com