Market NewsTechnical Analysis

NZD/JPY: Bull Sets its Ground to Keep Running

  • NZD/JPY has been bullish on the H4 chart.
  • The pair made a bullish breakout at the last week’s high.
  • Simple Moving Average 30 has been its support.
  • The H1 Chart looks bearish.
NZD/JPY H4 Chart
NZD/JPY H4 Chart

NZD/JPY- Technical Analysis-H4 Chart

The H4 chart shows that the price has been heading towards the North with decent momentum. At the last bounce, at the simple moving average 30, the pair produced a bullish engulfing candle and headed towards the North in a hurry. On its way, it made a bullish breakout at the last week’s high. As of writing, the pair seems to consolidate around the last week’s high. The level may hold the price as support and push the price towards the North. The price may find its next resistance around 88.530.

On the contrary, if the price makes a bearish breakout at the last week’s high, the level may work as a flipped resistance. The sellers may wait for the price to consolidate around that resistance and produce a bearish reversal pattern to go short in the pair. However, the sellers may consider how the SMA 30 works around that price action.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The H1 chart shows that the price has been heading towards the North by obeying a bullish trend line. Every now and then, it makes bearish correction. Upon finding its support at the trend line, it heads towards the North by producing good momentum. As of writing, the pair is heading towards the trend line’s support again. The buyers may wait for the price to produce a bullish reversal pattern at the trend line’s support to go long in the pair. The price may find its next resistance around 88.300.

Both charts look good for the buyers. Here is a thing that buyers may consider. There is a massive resistance at 88.500 on the daily chart. Thus, buyers may consider this level to take out a partial profit. A breakout above that level may make the pair remain bullish for some days.

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

Contact and follow Tareq on Twitter: @tareqfpn

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