NZD/JPY produced a bullish pin bar yesterday. The price made a bearish move and had a bounce at the level, where the price reacted several times earlier. Intraday price action has been bullish so far. A breakout at yesterday’s highest high may push the price towards the upside. The H4 chart shows that the price has been in bullish correction, and the H1 chart shows that it is slightly bullish biased. Let us now have a look at three vital charts.
Chart 1 NZD/JPY Daily Chart
The chart shows that the price made a bearish move upon producing a bearish engulfing candle at 71.500. It then consolidated for a long time and made another bearish move. It had a bounce at the level of 69.040 and produced a Pin Bar. The price reacted at the level of 69.040 earlier. Thus, it may end up pushing the price towards the North. The buyers may go long above the level of 69.630 and push the price towards the level of 70.500. On the other hand, the sellers may wait for the chart to produce a bearish reversal candle at 69.800 and go short below the level of 69.040. In case of a bearish breakout, the price may find its support at 68.110.
Chart 2 NZD/JPY H4 Chart
The chart shows that the price made a long bearish move and had a bounce at 69.040. Upon producing a bullish Pin Bar, it has been heading towards the North. As far as the last bearish move is concerned, the chart is bearish biased. However, the current bullish correction may be extended and make a new higher high. As of writing, the price has been bullish in the current candle. If the candle closes above yesterday’s highest high, the buyers may go long in the pair and push the price towards the North further. The price may find its next resistance at 70.320. If it closes within yesterday’s highest high and the level produces a bearish reversal candle, the price may get choppy and find its support at 69.040 again.
Chart 3 NZD/JPY H1 Chart
The chart shows that the price has been bullish upon producing a double bottom. At the last bounce, it produced a bullish engulfing candle. Since then, it has been heading towards the North. It may continue its bullish move and find its next resistance around 70.050. In case of a bearish breakout at 69.400, the price may find its next support around 69.230.
The H4 chart shows that it has been in a bullish correction. However, the daily and the H1 chart suggest that they may get more bullish later today. Considering these three charts, it seems that the pair may end up producing a bullish candle.