Market NewsTechnical Analysis

NZD/JPY: Is It Time to Make a Move Upwards?

  • NZD/JPY is on consolidation after making a bearish correction on the H4 chart.
  • The SMA 30 has been working as a support producing multiple reversal candles.
  • The H1 chart looks choppy trading within a horizontal range.
  • Intraday minor charts have been choppy.
NZD/JPY H4 Chart
NZD/JPY H4 Chart

NZD/JPY- Technical Analysis- H4 Chart

The chart shows that the pair is on consolidation around the simple moving average 30 as of writing. Prior to that, the pair made a strong bullish move and found its resistance around 91.800. Upon producing a bearish reversal pattern at the resistance level, the pair made a bearish correction. As expected, the SMA 30 has come into play and held the price as a support. The SMA 30 has already produced multiple bullish reversal candles. Thus, the buyers will be keen to go long in the pair and push the price towards the swing high again.

On the contrary, if the price breaches the SMA 30 and confirms it, the sellers may go short upon having bearish reversal signal. The price may find its support around 90.500.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price gets caught within a range. As of writing, the pair trades around the resistance of the range upon producing a hammer followed by a bullish Marubozu candle right at the support. The buyers will be waiting for the price to breach the resistance to go long in the pair. A bullish breakout may make the price go towards the level of 91.650.

On the other hand, if the resistance produces a bearish reversal signal, the price may head towards the support again. A breakout at the support may change the equation and drive the price towards the South further.

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

Contact and follow Tareq on Twitter: @tareqfpn

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