NZD/JPY chart on Trading View used for analysis
- NZD/JPY extends grind higher after breakout at 200-DMA, bias higher.
- The pair is trading 0.18% higher on the day at 75.77 at 1010 GMT.
- Markets await New Zealand Q4 employment change data due this week.
- Technical analysis supports upside in the pair. Momentum with the bulls.
- 55-W EMA at 75.89 is immediate resistance. Break above eyes next major bull target at 78.6% Fib at 76.83.
- On the downside, we see strong support at 75.25. Weakness only on break below.
Support levels - 75.46 (5-DMA), 75.25 (nearly converged 200-DMA and 61.8% Fib)
Resistance levels - 75.89 (55-W EMA), 76.83 (78.6% Fib), 76.93 (110-W EMA)
Recommendation: Good to stay long on dips, SL: 75.20, TP: 76/ 76.80
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
