NZDJPY, Developments In The Channel, Initial Pullback Likely!

Hello,

Welcome to this analysis about NZDJPY, we are looking at the 4-hour timeframe perspectives. NZDJPY in recent times is showing a structure with some interesting sights that I discovered. As when looking at my chart now we can watch there how NZDJPY is within this main ascending-channel-formation with the coherent wave-count in the formation and the waves A and B already fully completed. Now As Ethereum is about to finalize the wave C this is crucial because the wave C is directly running into the upper resistance-cluster marked in my chart in red where several resistances coming together consisting of the upper-boundary of the formation, the 400-EMA in red and also horizontal resistance within this zone. Taking these assumptions into the consideration it is likely that NZDJPY has its origin of the wave D to the downside within this resistance-cluster it is currently testing, this wave D will fully develop once NZDJPY is below the 200-EMA in green and once this happened NZDJPY will move on to test the lower boundary where the wave-E-confirmational-bounce-cluster is lying marked in my chart in blue, in this zone NZDJPY will have the ability to bounce and continue with the coherent wave E in the main wave-count to test the upper-boundary anew, it will be an interesting development ahead.

In this manner, thank you for watching my update-analysis about NZDJPY and the main structure ascending-channel and upcoming wave-count-developments to consider, support the analysis with a like and follow or comment for more market insight!

Information provided is only educational and should not be used to take action in the market.

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ANALYSIS UPDATE: NZDJPY completed the full wave count within the major channel formation to emerge with the pullback of the upper bearish resistance cluster.