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- Bullish Shark pattern evidenced on NZD/JPY dailies.
- Pair has edged higher from Potential Reversal Zone at 72.54.
- Upside struggles at major trendline resistance by 74.50. Break above to resume upside.
- Technical indicators support upside. Momentum studies are neutral, Stochs are biased higher.
- Breaks above 74.50 could take the pair to next resistance at 75.15 (55-EMA) and then 75.51 (61.8% Fib of XA leg).
- Supports on the downside are located at 74.22 (5-DMA), 73.98 (10-DMA) and then 73 levels.
Recommendation: Go long on decisive breaks above 74.50, SL: 74, TP: 75/75.50/75.75
