Market NewsTechnical Analysis

NZD/JPY: Be Patient Traders; Wait for the Next Breakout

  • NZD/JPY has been choppy on the H4 chart.
  • The chart shows that the price gets caught within a triangle.
  • Simple Moving Average 30 has been flat.
  • Intraday price action has been bearish.
NZD/JPY H4 Chart
NZD/JPY H4 Chart

NZD/JPY- Technical Analysis-H4 Chart

The pair has been choppy on the H4 chart. It shows that the price gets caught within a triangle. As of writing, the price has been heading towards the triangle’s support. The pair trades above the SMA 30. However, H4 price action suggests that the SMA has not been having an impact for quite a while. Traders may keep their eyes on the triangle for a breakout to make trading decision. A bearish breakout at the triangle’s support may drive the price towards the South. The price may find its next support around 85.000.

On the upside, if the price makes a bullish breakout, the price may find its next resistance around 87.750.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis-H1 Chart

The H1 chart shows that the price has been heading towards the North gradually by obeying a bullish trend line. At the last bounce, it produced a bullish engulfing candle and headed towards the North. Upon having a rejection around 87.100, the price made a strong bearish correction. The buyers may wait for the price to come around the trend line’s support and produce a bullish reversal pattern to go long on the pair. The pair may find its next resistance around 87.225.

On the downside, if the pair makes a bearish breakout at the trend line’s support, the pair may get bearish and find its support around 86.450.

The H4 chart looks choppy and it needs time to find its next direction. The H1 chart looks slightly bullish. However, the pair may make traders wait to find its unyielding trend. Let us be patient and see which way it makes its next breakout.

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

Contact and follow Tareq on Twitter: @tareqfpn

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