NZDJPY Eyeing 73.6/74.2 Zone

Hello traders,

NZDJPY is similar to AUDJPY recovering; we see NZDJPY breaking out of a corrective channel, which is a confirmation that wave 4 of a higher degree wave A is completed at 68.71 level, and that wave 5 is underway. Wave 5 of A can now unfold a five-wave sub-structure, eyeing 73.6/74.2 level where possible resistance and reversal may be faced. That said, be aware of temporary pullbacks along the way.

In case higher degree wave A, and B had already completed, then latest recovery can be higher degree wave C, which can go beyond 73.0 mark.

NZDJPY, 4h