Market NewsTechnical Analysis

NZD/JPY: Bull Finds Its Strong Ground

  • NZD/JPY trades around a strong horizontal support.
  • The pair trades below the simple moving average 30.
  • The H1 chart looks bullish.
  • 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 pair is traded around 88.000 for quite a while. The level seems to be very significant since the price had a bounce earlier on the level as well. At the last bounce, it produced a doji candle followed by a bullish engulfing one. However, the buyers did not look convinced to push the price towards the North. Notably, the pair still is traded below the SMA 30. Thus, the buyers do not look that confident as of writing.

However, if the price bounces at the horizontal level again, the buyers may be interested to go long if the price breaches the SMA 30’s resistance. The price may find its resistance around 89.850.

On the downside, if the price breaches the horizontal support, the sellers may wait for the breakout confirmation followed by a bearish reversal pattern to go short in the pair. The pair may find its support around 87.250.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price reacted at 88.000 several times on the H1 chart as well. Traders are going to keep their eyes on the level before making any trading decision. As of writing, the level works as a support. Thus, the buyers may look to go long from the value areas. The price may find its resistance around 88.650. A breach above that level may make the pair more bullish and push it towards 89.500.

On the downside, if the price breaches the horizontal support, the scenario may be changed. The sellers then will wait to go short in the pair. The price may find its support around 87.650.

The H4 and H1 both charts look good for the buyers. The SMA 30 on the H4 chart is a strong resistance. Let us wait and watch whether the price braches that and make the pair bullish.

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

Contact and follow Tareq on Twitter: @tareqfpn

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