NZD/JPY: Does Bull Break the Significant Resistance?

• NZD/JPY has been bullish approaching swing high.
• The SMA 30 has been working as a support.
• The H1 chart looks bullish may consolidate soon.
• Intraday minor charts have been bullish in the Tokyo session.

NZD/JPY- Technical Analysis- H4 Chart

The chart shows that the price has been heading towards the North upon consolidating at the simple moving average 30. The pair produced a bullish engulfing candle and moved towards the North in a hurry. As of writing, it trades around the level of 90.500, where the price had a strong rejection earlier. The buyers may wait for the price to breach the level and produce a bullish signal to go long in the pair. The price may find its next resistance around 91.500.

On the downside, if the chart produces a bearish reversal pattern, the sellers may go short below the SMA 30. As things stand, it may take time to happen. Thus, the bull may continue its move or the price may consolidate around the resistance.

Price Action Analysis- H1 Chart

The price has been very bullish on the H1 chart. However, the level of 90.500 looks strong enough to make the price consolidate around it. A bearish reversal pattern at the level may drive the price towards the South. The price may find its support around 90.150.

On the upside, if the price makes a bullish breakout, the buyers may continue pushing the price towards the North. There is enough space for the price to travel. Thus, it may make a strong move and find its resistance around 91.000.

Considering both charts, it seems that the resistance level looks strong. However, the momentum is with the bull. Thus, we may see that the bull continues its move towards the upside.

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

Contact and follow Tareq on Twitter: @tareqfpn