FxWirePro: NZD/JPY forms 'Bullish Cypher' pattern, good to go long on close above 200-DMA at 80.05

• NZD/JPY has bounced off from fresh 2-month lows above 0.79 handle, bias remians neutral for now.
   
• The pair has formed a 'Bullish Cypher' pattern on daily charts raising scope for upside.
   
• Weekly 20-DMA is strong support at 79.65 ahead of daily cloud base.
   
• The pair failed to close below weekly 20-SMA in the previous week and is holding above in this week's trade. We see weakness on break below.
   
• Price action is currently hovering around 200-DMA at 80.05. Decisive close above will see further upside.

Support levels - 79.87 (5-DMA), 79.71 (cloud base), 79.65 (weekly 20-SMA)

Resistance levels - 80.22 (23.6% Fib retrace of 83.910 to 79.081 fall), 80.60 (Aug 15 high), 81, 81.75 (50-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-takes-out-200-DMA-eyes-cloud-base-at-7947-stay-short-847034) has hit all targets.

Recommendation: Watch out for decisive close above 200-DMA at 80.05 to go long, target 81/ 81.75.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -56.7724 (Neutral), while Hourly JPY Spot Index was at -74.1379 (Neutral) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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