• NZDJPY falling inside minor impulse wave 5
• Further losses are likely
NZDJPY continues to fall inside the minor impulse wave 5, which started earlier from the resistance area lying between the key resistance level 77.70 (top of the previous wave (b)), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous impulse wave 3.
The active impulse wave 5 belongs to the extended medium-term impulse wave (C) from the end of January.
NZDJPY is likely to fall further and re-test the next support level 74.60 (which stopped the previous impulse wave 3 at the end of May).