NZD/JPY can be trading in a five-wave recovery from 59.45 level. We see completed waves 1, 2, and 3, so the latest decline from 71.66 level can be a corrective wave 4 of A. Possible support for wave 4 can be at Fib. the ratio of 38.2 and 50.0 (68.3/67.3 level) and at the level of a former wave 4) of one lesser degree, which also provides a turning point.
If NZD/JPY had already completed a five-wave bullish move from the 59.45 lows, then be aware of a deeper correction as wave B to unfold.
NZD/JPY, daily
(Click on image to enlarge)
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