FxWirePro: NZD/JPY struggles at 20-DMA (79.07), good to go long on break above

• Kiwi boosted by New Zealand Finance Minister Robertson's comments, NZD/JPY keeps gains on the day.
   
• Robertson announced a 2-phase review of RBNZ mandate and said that there was no desire to have NZD included in the RBNZ review.
   
• New Zealand PM Jacinda Ardern in his latest remarks said that “Not at all" concerned by recent falls in NZD.
   
• Further WTI hits fresh two-year highs at $57.51, also to lend support to the commodity currency.
   
• Technical indicators for the pair have turned bullish. RSI and Stochs are biased higher.
   
• The pair is currently struggling at 20-DMA at 79.07, break above will see further upside. Scope then for test of 50-DMA at 79.75.
   
• On the flipside, rejection at 20-DMA will see resumption of downside. Test of 78.30 levels then likely.

Support levels - 78.84 (5-DMA), 78.30 (38.2% Fib retrace of 83.91 to 69.23 rally), 78, 77.35 (Oct 31 low)

Resistance levels - 79.48 (Oct 23 high), 79.75 (50-DMA), 80.45 (23.6% Fib)

Recommendation: Good to go long on break above 20-DMA at 79.07, SL: 78.80, TP: 79.50/ 79.75/ 80/ 80.45

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