NZDJPY Wave Analysis 2 December 2024

- NZDJPY broke support zone
- Likely to fall to support level 86.75

NZDJPY currency pair recently broke the support zone located between the support level 89.00 and the 38.2% Fibonacci correction of the upward price move from the start of August.

The breakout of this support zone accelerated the active c-wave of the ABC correction 2 from the start of November.

Given the strongly bullish yen sentiment seen today, NZDJPY currency pair can be expected to fall to the next support level 86.75 (former support from September and the target price for the completion of the active ABC correction 2).