NZD/JPY Price Analysis: Mixed bias across the time-frames
- NZD/JPY is a mixed bag across the time frames.
- Bulls seeking a daily expansion while the monthly is overstretched.
The price is stalling on the upside, as seen on the weekly and daily charts. However, there has already been a 50% mean reversion of the daily bullish impulse.
The following is a top-down analysis that illustrates the various biases per time frame.
Monthly chart
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The monthly chart shows that te price is due for a downside correction of the bullish impulse.
Weekly chart
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The weekly chart is in the process of a significant downside correction and there is still room to go until a 38.2% Fibonacci has been met.
Daily chart
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However, the price has dropped to test a 50% mean reversion level, albeit with a naked 61.8% Fibonacci. This means there is still scope for a test of the level which meets dynamic support.
4-hour chart
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The price is not in a bullish enough position until it has broken the overhead resistance.
However, dynamic support is expected to give rise to an upside continuation.
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.
