NZD/JPY Price Analysis: Bulls lurking at daily and 4-hour support

NZD/JPY is offering a compelling scenario from a swing trading outlook.
Bulls are in anticipation of a discount from a confluence of support.

Ross J Burland FXStreet

The following illustrates a bullish outlook for NZD/JPY for which swing traders may wish to give the once over and weigh the prospects of a daily bullish continuation from a critical area of support and structure.

Daily chart

From a daily perspective, the bulls are stepping up at a critical support structure, a price area that has acted as both support and resistance in the past and what would be expected to hold this time around.

The structure is around 77.50 and it also has a confluence with the 61.8% Fibonacci retracement of the prior bullish impulse.

4-hour chart

Meanwhile, from a 4-hour perspective, there are high probabilities that the area will come under pressure on a retest of the 10 EMA in a correction of the recent bullish spike.

This would offer the bulls a discount in targeting a higher daily high, relying on the recent lows as an area that would be expected to protect a stop loss on an entry.

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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