Market NewsTechnical Analysis

NZD/JPY: All Eyes are On 89.720 to Determine Its Next Direction

  • NZD/JPY has been bullish upon finding a horizontal support.
  • The pair may find its resistance at the last swing high.
  • The H1 chart looks bullish biased.
  • Intraday minor charts are yet to find a direction.
NZD/JPY H4 Chart
NZD/JPY H4 Chart

NZD/JPY- Technical Analysis-H4 Chart

The chart shows that the price made a long bullish move on the H4 chart earlier. It then found its resistance around 89.700. Upon producing a bearish inside bar, the price made a bearish correction. The level of 88.920 has held the price as a support. It produced a bullish Marubozu candle. Since then the price has been heading towards the North. However, the horizontal level does not seem to be that significant. In fact, the price did not have a bounce from the simple moving average 30’s support. Thus, the current bullish move may not be a long one. The price may find its resistance at the last swing high.

On the other hand, if the price breaches the horizontal support, it may get bearish upon confirming the breakout. In that case, the price may find its support around 88.330.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the North by obeying a trend line. It may continue its bullish move and find its resistance around 89.720. A breakout above the level may push the price towards the North further. The price may find its next resistance around 90.250.

On the other hand, if the price breaches the trend line, the sellers may take over and drive the price towards the downside. Breaching the trendline may drive the price towards the level of 88.880.

Considering both charts, it seems that the bull may roam around for a while. However, the level of 89.720 holds the key to determine its fate.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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