NZD/JPY bulls taking back control on the daily chart. The monthly chart, however, is over extended to the upside. NZD/JPY is on the brink of an upside extension while price holds above the daily 61.8% Fibonacci and the 10-day moving average. The following is s top-down analysis that illustrates the market’s stricture and bullish bias. Monthly chart The price is overextended on the monthly chart and is due to a correction: However, while at least a 38.2% Fibonacci retracement is not out of the question, the price is holding above a significant support level. Weekly chart As can be seen on the weekly chart, the price tested the support with a significant rejection followed by a follow-through to the upside and a new high. This leaves the bulls in control. Daily chart From a daily perspective, the price is offering a bullish bias as well following a meaningful correction to the 61.8% Fibonacci. So long as the 10-day moving average holds, the price would now be expected to extend higher from here and opportunities could be found on the lower time frames. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Trades near two-month ascending trendline FX Street 1 year NZD/JPY bulls taking back control on the daily chart. The monthly chart, however, is over extended to the upside. NZD/JPY is on the brink of an upside extension while price holds above the daily 61.8% Fibonacci and the 10-day moving average. The following is s top-down analysis that illustrates the market's stricture and bullish bias. Monthly chart The price is overextended on the monthly chart and is due to a correction: However, while at least a 38.2% Fibonacci retracement is not out of the question, the price is holding above a significant support level. Weekly chart As can… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.