NZDJPY is showing a potential bearish Elliott Wave structure on the 4H chart, with price facing rejection near the descending trendline. Wave (4) may be complete, suggesting a possible continuation into bearish Wave (5).
Key support is at 88.70. A confirmed break below this level could open the way toward the projected 87.30 – 86.95 target zone. Sellers may remain in control if price continues making lower highs and lower lows.
If price moves back above 88.70, the bearish scenario may weaken. The Elliott Wave count is not guaranteed, so wait for confirmation and manage risk carefully. Do you think NZDJPY will continue lower toward Wave (5), or will buyers step in?
By BrightRally_Research on TradingView
Key support is at 88.70. A confirmed break below this level could open the way toward the projected 87.30 – 86.95 target zone. Sellers may remain in control if price continues making lower highs and lower lows.
If price moves back above 88.70, the bearish scenario may weaken. The Elliott Wave count is not guaranteed, so wait for confirmation and manage risk carefully. Do you think NZDJPY will continue lower toward Wave (5), or will buyers step in?
By BrightRally_Research on TradingView
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.