NZD/JPY is back to bullish mode [Video]

Gregor Horvat Wavetraders

NZDJPY is nicely recovering over the last few weeks after a strong rebound from 80,40 support, a key level going back to March 2023. Notice that it’s recovering after a three-wave ABC corrective decline that belongs to a higher degree wave IV correction. Current recovery looks to be in five waves, as a leading diagonal; so its a motive wave structure that already pushed above the 87,34 resistance, which is a strong bullish signal, suggesting more upside ahead. Of course, short-term pullbacks are always possible and welcome, and in that case, the 86 – 84 area could act as a nice support. But overall, we think that sooner or later the pair will target the 90 or even 92 levels, which are still possible this year. Wave V is eyeing even 100 area.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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