NZD/JPY Price Analysis: Bulls burst into life towards projected target
|- NZD/JPY bulls stay in control towards the projected target.
- Hourly conditions could ripen for a fresh a long position also.
The NZD crosses have got a boost in early Asia, propelling NZD/JPY well on its way to the projected 1:3 risk to reward opportunity target, as per the following prior analysis: NZD/JPY Price Analysis: Bulls stepping in at a critical confluence of support.
Prior analysis, 4-hour chart
''There is a high probability that the price will move higher from here.
A long position can be entered for a 1:3 risk to reward opportunity with a stop loss protecting the position from below the subsequent support structure...''
Live market, 4-hour chart
As marked out on the above chart in today's live Asian markets, the price has indeed moved higher from the support as expected and is testing the resistance structure.
Bulls already aboard this flight can move into a breakeven scenario by moving the stop loss to entry, or even lock in some profits below the newly formed support structure.
On first attempts, the price would be expected to fail and result in a healthy correction back to retest the new support structure.
If the support structure is tested, bulls would be expected to step in which should lead to a continuation towards the 78.80/00 areas.
Shorter-term trade opportunity
From an intra-session/day-trading perspective, there could still be an opportunity to board this flight of the bird.
Moving down to the hourly chart, the bullish impulse has already started to correct which should continue and offer a discount to those embarking on the northerly trajectory of the bird.
Hourly chart
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