FxWirePro: NZD/JPY Trade Idea

NZD/JPY chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/JPY: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 43.4191 (Neutral)
FxWirePro's Hourly JPY Spot Index was at -128.768 (Bearish)

Technical Analysis: Bias Bullish
- Stochs and RSI are biased higher
- Price action above cloud and major moving averages
- Bollinger Bands widening on weekly charts
- Price has retraced dip below 110W EMA 
- The pair has bounced off 20-DMA which is sharply higher

Support levels - 77.00 (5-DMA), 76.70 (20-DMA), 75.73 (200-DMA)
Resistance levels - 78.00 (61.8% Fib), 78.85 (200W SMA), 79.61 (Apr 2018 high)

Recommendation: Stay short on dips, SL: 76.70, TP: 78/ 78.85

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.