NZD/JPY 1-3 Bearish Wolfe Wave Pattern

May 03, 2017 13:00

The NZD/JPY made a strong break to the upside following the surge in equities and Yen weakness. At this point an Inner trend line (black) is making a nice resistance just above 1-3 Wolfe Wave. What does it mean? If we see a price spike towards 1-3 trend line we could see another rejection towards 1-4 target. 78.00-78.15 is the zone where the pair could reject if we see a retracement. If we don't see any retracement, the pair could proceed below 1-4 (77.50) towards 77.25. Further weakness is expected below 77.20.

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