NZD/JPY Price Analysis: Bulls seeking a break of hourly resistance to 61.8% Fibo
- NZD/JPY making its way to the bullish daily target.
- Short term resistance remains a hurdle for the meanwhile.
As per the prior analysis, NZD/JPY Price Analysis: Bulls target a 61.8% Fibo correction, the price is making its way to the upside as forecasted.
Prior analysis
''The bulls are taking on the bearish commitments at resistance on the 15-min time frame. Should the bulls get over the line, the prospects are for a 61.8% Fibonacci retracement to test the M-formation's neckline.''
NZD/JPY daily chart
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''The daily chart offers a bullish bias as the price travels along the dynamic support line, correcting the latest bearish impulse and final leg of the M-formation revealing the neckline as a target.''
NZD/JPY 15-min chart
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''The 15-min chart can be monitored for bullish structure and a break of the current resistance area guarding the path to the vicinity of the 61.8% Fibo on the daily chart.''
Live market, daily chart
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Live market 15-min chart
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1-hour chart
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However, according to the hourly chart, there are prospects of a pullback to test the neckline of the W-formation prior to an upwards continuation.