NZDJPY Analysis: Bearish Trend Detected with Wave PatternBased on my analysis using Elliot wave theory, it appears that the NZDJPY is displaying a strong bearish trend. The wave patterns that I have observed across various timeframes suggest that the market is likely to experience a downward movement. Specifically, when examining the H1 chart on both intermediate and minor degrees, it appears that wave 3 (down) of a descending impulse is currently in progress.
According to my projections, the completion of wave 3 is expected to occur at the 77.88 price region on the intermediate degree . On the minor degree , it is projected to complete at the 81.51-81.12 region. Following this, I anticipate a brief rally in wave 4 of the minute degree to the 82.280-82.48 region before the market experiences a drop to complete wave 3 of the minor degree and wave 3 of the intermediate degree, respectively. The H1 S/R level is expected to provide strong resistance for the price at the 82.46 - 82.67 region.
It is possible that wave 3 of the intermediate degree may take several days to complete. Therefore, I will continue to monitor the chart and provide updates as necessary. It is important to note that if the price reaches 82.839, this outlook becomes invalidated.
