NZD/JPY was in a corrective phase but the rate seems oversold at the moment of writing. The price is located below strong dynamic resistance levels, so we have to wait for confirmation.
The bias is still bullish despite the last decline. The Nikkei’s temporary decline helped the Yen to increase versus its rivals. JP225’s potential growth could force the Japanese currency to lose ground versus its rivals.
NZD/JPY H4 Technical Analysis!
NZD/JPY dropped after failing to reach the ascending pitchfork’s upper median line (UML). Now it has found support below the median line (ML) and it could pressure the immediate resistance levels.
Its failure to reach the S1 (78.423) or to retest the descending pitchfork’s median line (ml) signaled a potential rally. Taking out the resistance levels and closing above the weekly pivot point (79.109) could activate a strong growth.
Conclusion!
A valid breakout above the 79.109 pivot point could announce more gains in the short term.
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