- NZD/JPY bulls stepping in at support for prospects of daily upside extension.
- Restest of hourly structure presumed to hold and equate to daily bullish momentum.
As per the start of the week’s, Watchlist: A busy week ahead for forex and gold on the charts, NZD/JPY moved in on the initial downside target and has since established a bullish prospect in the process.
Prior analysis, daily chart
This is jolted the NZD/JPY cross lower towards a support target which would be expected to hold and result in a fresh bullish impulse as follows:
Live market, daily chart
As illustrated, the price has reached the support target and would now be expected to move higher and break the overhead resistance.
Bulls can look for an optimal entry on the lower time frame, such as the 1-hour chart:
Bulls can expect the price to take out the near-term resistance and presume that it will act as support on a re-test.
Meanwhile, there are also bullish prospects for NZD/USD:
NZD/USD Price Analysis: Bulls defending the 38.2% Fibo support