Market NewsTechnical Analysis

NZD/JPY: Bear Wakes Up to Make another Move

  • NZD/JPY has been bearish on the H4 chart.
  • The price consolidates and is about to produce a bearish reversal.
  • The H1 chart looks bearish.
  • 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 strong bearish move upon finding its resistance around 90.150. On its way, it made a bearish breakout at the SMA 30. It then had a bounce at 87.000 and produced two bullish candles. As of writing, the pair seems to produce a bearish reversal candle upon finding its resistance around 88.300. This is a pivotal level since the price reacted here earlier. The sellers may consider it as a flipped resistance, which may attract more sellers to go short from here. The price may find its next support around 86.400.

On the upside, buyers are to be patient to go long based on this chart. The chart is to produce a strong bullish reversal pattern or make a strong bullish move breaching some significant resistance. As things stand, it is going to take time.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the price has been heading towards the South by obeying a trend line. At the second rejection, it produced a bearish inside bar and made a strong move. However, it had a strong bounce at 87.000 as well. Since then the pair has been traded within 87.500- 88.400. Sellers may wait for the price to breach today’s lower low to go short. The pair may find its support around 87.000 again. Defensive traders may wait for the price to go at the trend line’s resistance and produce a bearish reversal pattern to sell the pair off.

On the upside, traders may consider going long above 88.400. However, buyers may consider trend line’s resistance before making any buying decision based on the H1 chart.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while...

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with...

Crypto Stock Surge as Market Hits New Highs

Bitcoin and Ethereum surge to $57k and $3,275 respectively, driven by strong...

USD/CAD: H1 Support is in Play

USD/CAD -Technical Analysis- H4 Chart The chart shows that the price made...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Dow Nasdaq Hang Seng
Market News

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while Hang Seng Index rallies above 100-day SMA.

Gold US PCE
Market News

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with investors eyeing the upcoming US PCE data release.

Copyright © 2023 Forex Prop News. All Rights Reserved.