Market NewsTechnical Analysis

NZD/JPY: H4 is Yet to Decide, H1 Looks Bullish

Yen surge USD/JPY low
  • NZD/JPY trades at a crucial horizontal level on the H4 chart.
  • The pair trades below the SMA 30.
  • The H1 chart looks bullish and has enough space to cover.
  • 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 making a bearish move found its support around 90.000and produced a double bottom. At the last bounce, it produced a morning star. Since then, it has been heading towards the North. As of writing, the pair trades around the simple moving average 30. The sellers may wait for the chart to produce a bearish reversal pattern to go short from here. Moreover, a horizontal resistance level 90.500 has been very significant considering earlier price reaction around it. Thus, the sellers may be very keen to go short upon having a short signal.

On the contrary, if the price breaches the level, the buyers may get interested to go long upon having breakout confirmation followed by a bullish reversal signal.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. At the last bounce, it produced a bullish engulfing candle. The price continued to go towards the North with two more candles. The buyers may wait for the price to consolidate and produce a bullish signal to go long in the pair from the value areas. The price may find its resistance around 90.800.

On the downside, if the price breaches the trend line, the sellers may find opportunities to go short in the pair. As things look on the chart, it may take time to happen. Meanwhile, the pair either make a bearish correction or continue to go towards the North.

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

Contact and follow Tareq on Twitter: @tareqfpn

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