NZD/JPY Price Analysis: Bulls stepping in at a critical confluence of support

• NZD/JPY carving out a support structure on the 4-hour 21-EMA.
• Bulls are in anticipation of a fresh daily bullish impulse to higher highs. 

As per the prior Asian session's analysis, NZD/JPY Price Analysis: Bulls lurking at daily and 4-hour support, there are bullish prospects from support structures.

However, since the initial analysis, while the price has moved in the expected trajectory ...

Prior analysis 

Live market

... the price has formed new support structure above 77.40 in the process at a well worn historic level as follows:

In the above 4-hour chart, the price tested the prior 23 June lows and was rejected there a number of times.

Also, the price has formed a supporting structure within the bullish impulse near 77.60. 

There is also a confluence of the 21 EMA.

Moreover, zooming all the way out to the weekly chart, we can see that this is in fact a key level on the higher time frames also:

Weekly chart

Therefore, the original area of support structure from which bulls may have been expecting a discount may now be superseded by the newly formed support structure.

There is a high probability that the price will move higher from here.

A long position can be entered for a 1:3 risk to reward opportunity with a stop loss protecting the position from below the subsequent support structure.