NZDJPY recently broke the resistance level 70.700 (which stopped the previous minor correction B earlier this month) intersecting with the 61.8% Fibonacci correction of the previous ABC correction (2). The breakout of the resistance level 70.700 added to the bullish pressure on this currency pair. Given the strengthening bearish yen sentiment seen across the FX markets today – NZDJPY is likely to rise further toward the next powerful resistance level 71.600 (top of the previous impulse wave (1) from July)
