Forex Market Ideas

NZDJPY Short Term Forecast And Technical Analysis

Hi Traders! NZDJPY short-term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. As we do in every technical analysis post we are going to perform the multi-timeframe technical analysis on this pair in order to find possible trading opportunities. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club  Spoiler alert – free memberships are available! Let’s start our analysis now from the highest timeframe which will be the daily chart here.

NZDJPY D1(Daily) Chart Analysis – Heikin Ashi Candles, Higher Highs, ADX Indicator

On the daily chart, we have a strong bullish momentum and based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward-moving market conditions so it basically reflects a bullish environment. In addition to this, we could see that the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. Also, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. So everything looks good here for the bulls and we may now move down to one timeframe lower and look for evidences supporting this short term bullish view.

 

 

 

NZDJPY H4(4 Hours) Chart Analysis – Heikin Ashi Candles, Bullish Trend Pattern, Strong Support Zone

On the H4 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies here as well in upward moving market conditions so it basically reflects a bullish environment. Also, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening, Also we had a strong resistance zone that have formed and the price which is moving higher has broken above this zone and is holding above it. After the breakout, this strong resistance zone is acting as a strong support zone for us. So everything looks good here for the bulls and until the strong support zone (marked in green) shown in the image below holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks.

 

 

Technical Analysis & Forecast Summary

NZDJPY D1(Daily) Chart Analysis 

  • Heikin Ashi Candles, Higher Highs, ADX Indicator

NZDJPY H4(4 Hours) Chart Analysis 

  • Heikin Ashi Candles, Bullish Trend Pattern, Strong Support Zone

 

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

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If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Arvinth Akash
Home Trader Club Team.

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Arvinth Akash

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