In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of NZDJPY. In which, the rally from 24 March 2023 low unfolded as an impulse sequence and showed a higher high sequence. Therefore, we knew that the structure in NZDJPY is incomplete to the upside & should extend higher. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
NZDJPY 4-Hour Elliott Wave Chart From 10.23.2023
Here’s the 4-hour Elliott wave Chart from the 10/23/2023 update. In which, the rally to 90.20 high ended wave 1 & made a pullback in wave 2. The internals of that pullback unfolded as Elliott wave double three correction where wave ((w)) ended in 3 swings at 87.04 low. Then a bounce to 89.92 high-ended wave ((x)) & started the next leg lower in wave ((y)) towards 86.75- 86 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
NZDJPY Latest 4-Hour Elliott Wave Chart From 11.05.2023
This is the latest 4-hour Elliott wave Chart from the 11/05/2023 update. In which the pair is showing a strong reaction higher taking place, right after ending the correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 90.20 high is still needed to confirm the next extension higher & avoid further correction lower. It’s important to note that with further data we have adjusted the degree of the pullback & changed the correction to a flat correction.
Source: https://elliottwave-forecast.com/forex/nzdjpy-making-strong-comeback-blue-box/