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NZD/JPY chart on Trading View used for analysis
- NZD/JPY hits new 3-month highs at 75.64, intraday bias is bullish.
- The pair is extending breakout at major trendline resistance at 74.90.
- Technical analysis shows scope for further gains. Stochs and RSI are sharply higher and MACD supports upside.
- The pair finds major hurdle at 200-DMA at 75.90, break above to propel the pair higher.
- Price action is now above major moving averages and volatility is seen rising.
- Next bull target on break above 200-DMA lies at at 76.85 (July 17 high) ahead of 78 (61.8% Fib).
- We see weakness only on retrace below 110-EMA at 74.70.
Support levels - 74.93 (5-DMA), 74.70 (110-EMA), 74.45 (23.6% Fib)
Resistance levels - 75.81 (38.2% Fib), 75.90 (200-DMA), 76.85 (July 17 high)
Recommendation: Watch out for break above 200-DMA to go long, target 76.85/ 78
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
