NZD/JPY Price Analysis: Bulls looking for break of hourly structure
- NZD/USD is moving on in a bullish environment where the US dollar has been on the backfoot.
- NZD/JPY bulls are encouraged by the prospects of daily support now holding.
NZD/USD has been in the hands of the bears at the start of the week as the US dollar unwinds. USD/JPY has also been on the backfoot but the commodity sector is getting a risk-on boost.
This has given prospects of a bid and continuation in the cross as follows:
NZD/JPY daily chart
-637556845770710442.png)
The bullish trend is dominant on the daily chart and the retracement is deep enough to presume that there is now plenty of demand from a prior resistance structure to help propel the price forward for a fresh cycle high in the coming days.
NZD/JPY lower time frames
-637556846299179221.png)
As illustrated above in the 4-hour time frame, the bulls need to get above the current resistance and the same can be said from the hourly perspective where the various anticipated resistance have been noted:
-637556847088297587.png)
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.
