NZD/JPY Price Analysis: Bulls holding the fort at critical daily support

NZD/JPY bulls stepping in at support for prospects of daily upside extension.
Restest of hourly structure presumed to hold and equate to daily bullish momentum.

Ross J Burland FXStreet

As per the start of the week's, Watchlist: A busy week ahead for forex and gold on the charts, NZD/JPY moved in on the initial downside target and has since established a bullish prospect in the process.

Prior analysis, daily chart

This is jolted the NZD/JPY cross lower towards a support target which would be expected to hold and result in a fresh bullish impulse as follows:

Live market, daily chart

As illustrated, the price has reached the support target and would now be expected to move higher and break the overhead resistance.

Bulls can look for an optimal entry on the lower time frame, such as the 1-hour chart:

Bulls can expect the price to take out the near-term resistance and presume that it will act as support on a re-test.

Meanwhile, there are also bullish prospects for NZD/USD:

NZD/USD Price Analysis: Bulls defending the 38.2% Fibo support

Since the analysis, there has been bullish price action and prospects of a bullish continuation from entry on the pullback from resistance as illustrated above.

Prior analysis

The bulls can continue to monitor for bullish price action and structure on a lower time frame for an optimal entry:

30-min chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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