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FxPro Forex Analysis: NZDJPY Wave Analysis – June 11, 2018

NZDJPY rising inside impulse wave ③
• Further gains are likely

NZDJPY continues to rise inside the long-term impulse wave ③, which started earlier from the support zone lying between the support levels 74.80, 75.60 (which has been reversing the price from April of 2017) and the lower weekly Bollinger Band.

The upward reversal from the aforementioned support zone created the weekly Japanese candlesticks reversal pattern Hammer, highlighter below.

NZDJPY is expected to rise further and re-test the next resistance level 77.70 (which reversed the price last week) – intersecting with the 61.8% Fibonacci correction of the previous downward impulse (C).

NZDJPY - Primary Analysis - Jun-11 1244 PM (1 week)