Market NewsTechnical Analysis

NZD/JPY: Bull Breaks a Fence on the H1

  • NZD/JPY has been bullish on the H4 chart.
  • The pair seems to have come out of a range.
  • The H1 chart has been bullish trading over yesterday’s high.
  • Intraday minor charts have been bullish.
NZD/JPY H4 Chart
NZD/JPY H4 Chart

NZD/JPY- Technical Analysis- H4 Chart

The chart shows that the price has ranged within 89.890-90.270 for a while. As of writing, the current candle trades above the resistance. It is not a breakout yet. Nevertheless, it is very likely that the pair makes a breakout at the level. The buyers may wait for the chart to confirm the breakout and go long in the pair. The price may find its resistance around 90.600.

The simple moving average 30 has been working its support. Moreover, the price had a bounce at 80.890 twice. Thus, the buyers may consider it as a double bottom. These two factors may make them very keen to look for long opportunities.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The H1 chart shows that it has produced a copy book buy signal as far as price action is concerned. The price found its resistance at a down trending resistance level and reacted to that several times. Consequently, it made a breakout and consolidated around it. Upon producing a bullish engulfing candle, the price has been heading towards the North. It may find its resistance around 90.550.

The H1 chart does not look good for the sellers. To find short opportunities, they have to wait for the chart to produce a strong bearish reversal pattern or a big bearish move breaching some significant resistance levels. As things stand with the pair now, it may take time to get bearish.

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

Contact and follow Tareq on Twitter: @tareqfpn

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