Market NewsTechnical Analysis

NZD/JPY: Bull Finds an Open Gate, How Far Does it Go?

  • NZD/JPY is on consolidation on the H4 chart.
  • The pair trades well above the simple moving average 30.
  • The H1 chart has found its support at a very significant level.
NZD/JPY H4 chart
NZD/JPY H4 chart

NZD/JPY- Technical Analysis- H4 chart

The chart shows that the price has been on consolidation for a while. Before consolidation, it made a strong bullish move. Thus, the buyers may keep their eyes on the pair to go long from the value areas. As of writing, the pair trades well above the simple moving average 30. Thus, traders may keep their eyes on the flipped level of support to get bullish reversal pattern. The pair may find its next resistance around 91.400.

On the contrary, the sellers may skip taking entries based on this chart. Until, it produces a double top or a strong bearish move breaching some significant support levels, the pair may not get bearish.

NZD/JPY H1 chart
NZD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price had bounced twice at a 90.000. Being a round number, it is a very significant level, where the price reacted several times earlier. Thus, a double bottom may attract the buyers to go long in the pair and push the price towards the North with good momentum. The buyers may go long above the level of 90.350. The chart suggests that the price may find its next resistance around 90.850.

A breakout below 90.000 may make the pair go towards the South for a while. Minor charts traders may find some short opportunities in that case. Considering recent price action, traders on this chart may only look to go long for a while in the pair to maintain lucrative risk-reward.

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

Contact and follow Tareq on Twitter: @tareqfpn

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