Market NewsTechnical Analysis

NZD/JPY: Bull Has a Strong Stage with a Fence Ahead

  • NZD/JPY has been bullish with the support of the simple moving average 30.
  • The pair approaches at a significant level of resistance.
  • The H1 chart looks bullish may consolidate before making its next move.
  • 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 after being bullish made a bearish correction. The simple moving average 30 has worked as a support and produced a bullish engulfing candle. Thus, the buyers may keep their eyes on the pair to go long and push the price towards the North. The pair had a strong rejection at 91.170 earlier. Thus, the buyers may wait for the price to make a breach at that level.

A breakout at the last swing high may push the price towards 92.250. On the contrary, if the chart does not make a breakout at the last swing high, but produces a bearish reversal pattern at the resistance zone, the sellers may keep an eye on the pair to go short below the SMA 30’s support. In that case, it may find its support around 89.350.

NZD/JPY H1 chart
NZD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that a massive bullish candle has set a bullish tone in the pair. On its way, it has made a breakout at 91.700, which was the last swing high on the H1 chart. The buyers may wait for the price to consolidate or make a bearish correction at the flipped support to go long in the pair. The price may find its next resistance around 91.500.

On the other hand, the sellers may not be able to find short setups with lucrative risk-reward. They must wait for the chart to produce a strong bearish reversal pattern such as double top or a strong bearish move. As things stand with the pair, it may take time to happen.

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

Contact and follow Tareq on Twitter: @tareqfpn

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