NZD/JPY - Bulls ready to break key resistance level
The NZD/JPY currency pair on the 4-hour time frame has been following an uptrend recently. The pair hits 76.679 on 18 March (Highest level of 2019). Profit takers booked some profits at this level and price saw an immediate dip to 76.231 but recovered quickly to 76.347. As of writing, the price is moving around 76.316. The price action in the NZD/JPY is mainly driven by the strength in the Kiwi Dollar. Key resistance level lies at 76.679, positive MACD and price above 200-period moving average supports bullish sentiment in the NZD/JPY currency pair.
The 4-hour chart of the NZD/JPY confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the NZD/JPY. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. Price action is looking strong to register another high in coming days.
In alternative scenario, key support level lies at 74.840, if price breaks below this level, only then bears can push the price lower.
The 4-hour chart of the NZD/JPY confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the NZD/JPY. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. Price action is looking strong to register another high in coming days.
In alternative scenario, key support level lies at 74.840, if price breaks below this level, only then bears can push the price lower.