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NZDJPY recently broke below the key support level 69.800 (former resistance from June, which has been reversing the pair from the start of July, as can be seen from the daily NZDJPY chart below). The breakout of the support level 69.800 accelerated the active wave C. Given the strongly bearish sentiment affecting New Zealand today – NZDJPY is likely to fall further toward the next support level 68.600 (target price for the completion of the active impulse wave C).
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