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NZDJPY forms bullish engulfing patterns have occurred at 76.909 and 77.347 levels. Ever since then we upside traction in this pair.
Bulls spike well above DMAs with 7-month highs coupled with healthy bullish momentum and bullish DMA and MACD crossovers, but we see stiff resistance at 79.153 levels.
Hence, the uptrend likely to prolong further only upon break-out & sustenance above this stiff resistance levels.
The strong immediate supports are observed at 78.2993 and 77.714 levels.
Trend study: Both lagging indicators (DMA and MACD) show bullish crossovers that indicate uptrend to extend further.
Momentum study: Both leading oscillators (RSI & stochastic curves) show upward convergence that signal strength and healthy momentum in the ongoing rallies.
For now, the minor trend seems to be slightly edgy despite today's vigorous rallies as it tests stiff resistance, any break-out above these levels would continue the bullish trend as the current price remains well above DMAs.
While on the intermediate trend, three bottoms are spotted out at 75.626, 76.090 and 75.541 levels in the recent past (weekly plotting).
Thereby, if the uptrend prolongs, then it is most likely to form the triple bottom pattern which is bullish in nature.
Both leading technical indicators on this timeframe are also confirming momentum in ongoing price rallies.
Trade tips: At spot reference: 78.906 levels, amid this edgy but bullish trend, on trading perspective, we recommend one-touch call options, using upper strikes at 79.153 levels.
Currency Strength Index: FxWirePro's hourly NZD spot index is inching towards 51 levels (which is bullish), while hourly JPY spot index was at -7 (neutral) while articulating (at 07:17 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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