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NZDJPY recently broke the extended support trendline from the middle of May. The breakout of this support trendline coincided with the breakout of the round support level 70.000 – which accelerated the active short-term corrective weave 2 from the start of September. Given the strongly bullish Yen sentiment seen across the FX markets today – NZDJPY is likely to extend the losses toward the next support level 68.750 (target price for the completion of the active correction 2).
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