FxWirePro: NZD/JPY ends consolidation, breaks above 55-EMA, good to go long on dips

NZD/JPY chart - Trading View 

NZD/JPY trades 0.54% higher on the day at 72.58 at 07:25 GMT, bias higher.

The pair has resumed upside after brief consolidation below 55-EMA.

Price action has broken above 55-EMA and is extending gains above cloud base.

Stochs and RSI are biased higher and 5-DMA has turned. RSI is above 50 and shows strength in the current uptrend.

The pair has also broken strong trendline resistance at 72.40 and is on track to test 110-EMA at 73.08. 

Failure to hold above 55-EMA could see extension of sideways trade. Break above 110-EMA required for further upside. 

Support levels - 72.25 (55-EMA), 72, 71.86 (cloud base)

Resistance levels - 72.93 (July 1 high), 73.08 (110-EMA), 73.31 (cloud top)

Recommendation: Good to go long on dips, SL: 72.15, TP: 72.90/ 73.30

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