Back on August 28th we shared an article about a corrective wave structure within uptrend on NZDJPY pair, which is still pointing to 90 area.
As you can see today, on a daily chart it’s coming nicely higher for a higher degree wave (5) of a larger wedge pattern.
(Click on image to enlarge)
In ending diagonals, wave (5) should be completed in three waves A-B-C, so watch out for that wave C of (5) rally before market potentially find the strong resistance.
(Click on image to enlarge)
In the 4-hour chart, it’s breaking higher out of wave B triangle pattern and it’s coming impulsively up for wave C of (5), which should be completed by a five-wave cycle of the lower degree. Currently can be trading in subwave »iii« of C of (5), so we still see room up to 90 target area, just be aware of subwave »iv« pullback.
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