Hi traders,
NZD/JPY is trading nicely bearish, now unfolding wave 3) as part of an impulsive wave A/1. That said, we see price unfolding a five-wave drop within wave 3), which can look for a temporary base and support near the Fibonacci ratio of 200.0. Once wave 3) fully unfolds, that is when corrective wave 4) may start to develop. Resistance for the upcoming wave 4) can later be near the 75.6 area, where the lower base channel line sits.
