NZDJPY looking lower based on expanded flat pattern
|The chart below shows NZDJPY has been bullish since the 19th of March 2020. We have since topped on the 25th of February 2021 and believe we are in a larger corrective pattern.
The larger corrective pattern which we believe is an expanded flat, where the price may reach new highs in a corrective manner. As shown in the chart below we do not have any impulsive action higher we are within our channel.
The move higher is labelled as wave x and we would like to see more downside pressure before considering an entry. The more conservative trade would be to wait for wave y to complete and look for a long position.
Key news events to look out for this week:
Friday 4th of June RBNZ Gov Orr Speaks.
Res: 80.150; 80.522; 81.302
Sup: 79.950; 77.000; 76.662
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