Forex

NZDJPY Is Pointing To 90 AreaAug 28, 2023

NZDJPY is pointing to 90 area, as we see corrective price action and wave structure within uptrend by Elliott wave theory.

NZDJPY currency pair is bullish and there can be room for at least one more leg up after recent three-wave A-B-C corrective slow down, which we see it as a higher degree wave (4). So, it’s actually still pointing higher to retest the highs within final wave C of an A-B-C rally within wave (5) of a larger ending diagonal a.k.a. wedge pattern. 90 area coming?!

NZDJPY Is Pointing To 90 Area NZDJPY 4H Chart
NZDJPY 4H Chart
NZDJPY Is Pointing To 90 Area NZDJPY Daily Chart
NZDJPY Daily Chart

In ending diagonals, wave (5) should be completed in three waves A-B-C, so watch out for that wave C of (5) rally before market potentially find the strong resistance.

NZDJPY Is Pointing To 90 Area Basic Ending Diagonal (Wedge) Pattern
Basic Ending Diagonal (Wedge) Pattern

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