- NZD/JPY bulls are taking charge in the open.
- A 61.8% Fibonacci is under the spotlight for an upside correction.
The bulls are taking on the bearish commitments at resistance on the 15-min time frame. Should the bulls get over the line, the prospects are for a 61.8% Fibonacci retracement to test the M-formation’s neckline.
The following illustrates the bullish bias:
NZD/JPY daily chart
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The daily chart offers a bullish bias as the price travels along the dynamic support line, correcting the latest bearish impulse and final leg of the M-formation revealing the neckline as a target.
NZD/JPY 15-min chart
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The 15-min chart can be monitored for bullish structure and a break of the current resistance area guarding the path to the vicinity of the 61.8% Fibo on the daily chart.
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