NZDJPY currency pair recently reversed down from the strong resistance zone lying between the major resistance level 79.150 (which has been steadily reversing the pair from the end of February – as can be seen from the daily NZDJPY chart below) and the upper daily Bollinger Band. The pair is currently forming the daily candlesticks reversal pattern Bearish Engulfing. Given the strength of the resistance level 79.150 – NZDJPY currency pair can be expected to fall further toward the next support level 78.200 (low of the previous minor retracement from last week (ii)) – followed by the support level 77.650 (low of wave 2).