Market NewsTechnical Analysis

NZD/JPY: Strong Bull Nears a Fence

  • NZD/JPY has been on a bullish move on the H4 chart.
  • The pair trades well above the SMA 30’s support.
  • The H1 chart looks bullish approaching yesterday’s high.
  • 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 has been up trending. The simple moving average 30 has been working as its support. At the last bounce, it produced a triple bottom and made a good move towards the upside. However, the level of 92.800 has been working as a resistance. The pair produced a bearish engulfing candle and continued its correction with one more candle. The price then found its support at 92.350 and produced a bullish engulfing candle. As of writing, the current candle has been bullish as well. However, the price approaches the swing high. Thus, it may roam around there for a while. A bullish breakout at the swing high may attract the buyers again to go long in the pair. The price may find its next resistance around 94.000.

On the downside, it does not look good for the sellers. The SMA 30 stays well below. However, if the swing high produces a double top, the sellers may get themselves engaged to keep eyes on the pair for short opportunities.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the upside by obeying a trend line. The level of 92.800 has been a significant level of resistance here as well. The pair made a long correction with that resistance. However, upon finding its support it has headed towards the North again. The buyers will be eagerly waiting for the price to make a breach at the level to go long in the pair.

On the other hand, if the price breaches the trend line’s support, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern to go short in the pair.

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

Contact and follow Tareq on Twitter: @tareqfpn

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