- NZD/JPY has been choppy on the H4 chart.
- The SMA 30 has been working as a support being challenged by the bear.
- The H1 chart has made a strong bearish move trading around the swing low.
- Intraday minor charts have been bearish.
NZD/JPY- Technical Analysis- H4 Chart
The chart shows that the pair trades around the simple moving average 30 upon finding its resistance around 90.575. The pair produced a bearish engulfing candle right at that resistance. As of writing, the current candle has been bearish as well. If the chart makes a breakout at the SMA 30’s support, the sellers may look to go short in the pair.
On the other hand, if the SMA 30 provides support and the price heads towards the North, the buyers may wait for the price to make a breach at the horizontal resistance. A bullish breakout at the resistance may push the price towards the North.
The H4 chart has been choppy for a while. Thus, the next breakout may generate good momentum. As they say, the harder it ranges, the stronger it breaks.
Price Action Analysis- H1 Chart
The H1 chart tells the story. The price gets caught within a triangle. The horizontal resistance at 90.575 and the up-trending support have been playing pivotal role to make the price choppy. The pair trades right around the up trending support. The buyers may wait for the price to produce a bullish reversal pattern to go long in the pair.
However, the sellers may wait for the price to make a breach at the trendline’s support to go short in the pair. The price may find its next support around 89.700.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn