Overview: NZD/JPY managed to eke out a fresh –year –date high above 73.35 high set in January, with the pair even managing to briefly make it above 73.40, nzd/jpy is trading with the bullish side and it will continue pretty this week also. The pair is making higher highs this time. The pair tested the upper boundary of an ascending channel pattern during the trading session. The buying interest around the New Zealand dollar strengthened, sending NZD/USD towards higher highs this time. The market is sounding quite strong this time and opening the door for buyers to enter. This is considered a major cross-currency.
The pair edged its higher by 5.30% against the Japanese yen since the beginning of November. The currency pair tested the higher side this time. Bullish traders could continue to dominate the currency exchange rate in the nearest future. The bullish side created in the market so we suggest our buyers set on buy-side in market. NZD/JPY bulls pushed the pair fresh bets high above 73.40. The bullish bias will remain intact in the game.
Technical Analysis: According to the technical point of view the market is raising towards higher highs and trending towards an upwards slope in the market. Currently, the market is trading at level 73.434. According to the market, the pair will trade above the resistance line 73.620 and following the trend in the market. The pair is taking a whole move towards the north direction and creating bullishness in the market. On the 4 hourly chart price is making the higher highs in the market although the RSI is not supporting the market as it is creating divergence so let wait for a while and see the next move of the market as incoming time its will create it highs and going more bullish. The market is in its highest peak point so its better to buy on dips. The EMA lines are also rising above the SMA lines and making bulls to go more aggressive. All we can say bulls and bears are giving their equal potential but bulls are reading the game now .
On the daily chart, RSI is creating the buy signals in the market and MACD is also above the zero line and giving buy signals. The support of the market is 72.486 followed 71.034 and resistance will be 74.210 followed by 75.889
Trade idea: We can say the buyers can buy at level 73.448 followed by 74.709 followed by 75.843 and stop loss will be 71.624.
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