Market NewsTechnical Analysis

NZD/JPY: Bear is in the Town?

  • NZD/JPY made a bearish move on the H4 chart.
  • The SMA 30 has been working as a resistance.
  • The H1 chart looks bearish breaching a significant resistance.
  • Intraday minor charts have been bearish.
NZD/JPY H4 Chart
NZD/JPY H4 Chart

NZD/JPY- Technical Analysis- H4 Chart

The chart shows that the price made a significant bearish move right from the simple moving average 30’s resistance. The candle closed as a bearish engulfing candle. Thus, the sellers may be very keen to look for short opportunities from the value areas. If the price consolidates and produces a bearish reversal candle, the sellers may drive the price towards the South further.

On the upside, the buyers may not find any long opportunities based on this chart with lucrative risk-reward. They are to wait and be patient for the pair to get bullish again on this chart.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that a massive bearish candle breaching the level of 92.580 and closed well below it. As of writing, the price has been bearish on the current candle as well. Intraday minor charts may keep driving the price towards the downside. However, the H1 chart traders may want to wait for the chart to consolidate and produce a bearish reversal signal to go short in the pair. The chart shows that there is enough space for the price to travel towards the downside. It means more sellers may be interested in this pair for short opportunities.

For the buyers, like the H4, same goes on this chart as well. It does not look good for them and it will surely take time to get bullish again. Meanwhile, sellers may not wait but drive the price towards the downside to make new lower low.

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

Contact and follow Tareq on Twitter: @tareqfpn

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