- NZD/JPY bulls are taking on a critical resistance at this juncture.
- Price is in a bullish environment on the 4-hour and an upside daily correction can be expected.
NZD/JPY has been held up on the correction in deep Fibonacci retracement levels. Bulls will be expecting a break of resistance given the bullish environment on the 4-hour time frame.
The following illustrates the daily correction and expected impulse supported by a bullish environment on the -4-hour time frame and price on the brink of a breakout.
The price on the daily chart is correcting the correction which would be expected to morph into an upside continuation.
Bulls will seek a break of the overhead resistance and rely on bullish technical conditions with MACD above zero and the price holding above the 10 moving average.
A restest of the resistance turned support and subsequent hold would be expected to equate to a continuation to higher highs.
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