Forex

NZDJPY Update: It’s Coming Into 90 AreaSep 25, 2023

NZDJPY is coming into 90 area within final wave from technical point of view and by Elliott wave theory.

Back on August 28th we shared an article about a corrective wave structure within uptrend on NZDJPY pair, which is still pointing to 90 area. CLICK HERE

As you can see today, on a daily chart it’s coming nicely higher for a higher degree wave (5) of a larger wedge pattern.

NZDJPY Update: It's Coming Into 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 Update: It's Coming Into 90 Area NZDJPY 4H Chart
NZDJPY 4H Chart

In the 4-hour chart, it’s breaking higher out of wave B triangle pattern and it’s coming impulsively up for wave C of (5), which should be completed by a five-wave cycle of the lower degree. Currently can be trading in subwave »iii« of C of (5), so we still see room up to 90 target area, just be aware of subwave »iv« pullback.

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