Market NewsTechnical Analysis

NZD/JPY: Strong Ground Favors the Bull

  • NZD/JPY has had a bounce twice at a significant horizontal support.
  • The pair trades above the simple moving average 30.
  • The H1 chart looks bullish.
  • Intraday minor price action may get bullish later.
NZD/JPY H4 Chart
NZD/JPY H4 Chart

NZD/JPY- Technical Analysis-H4 Chart

The chart shows that the price had several bounces at 87.100. The pair had a bounce at the level last week and made a bullish move. It then came back at the support level and produced a bullish engulfing candle. Since then, the pair has been bullish. It made a breakout at the simple moving average 30. If the support of the SMA 30 produces a bullish engulfing candle, the buyers may push the price towards the North with good momentum. The price may find its resistance around 88.550.

On the downside, it does not look that good for the sellers. The SMA 30’s support as well as that horizontal support may hold back the sellers to look for short opportunities. However, if the price makes a bearish breakout at the 87.100, the bear may dominate upon the breakout confirmation.

NZD/JPY H1 Chart
NZD/JPY H1 Chart

Price Action Analysis-H1 Chart

The chart shows that at the last bounce at 87.100, the pair produced a bullish Marubozu candle and headed towards the upside. The price had a rejection and then moved towards the upside again. The chart shows that 87.810 has been working as a strong resistance. It made the price make a long bearish correction earlier. As of writing, the pair had another rejection. It produced a bearish inside bar. It has been bearish so far. The buyers may wait for the price to find its horizontal support and make a bullish breakout at 87.810 to go long in the pair. The price may find its resistance around 88.100

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

Contact and follow Tareq on Twitter: @tareqfpn

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