- NZD/JPY is extending upside for the 5th successive week, bias still higher.
- The pair is hovering around 61.8% Fib of 83.80 to 75.62 fall at 80.68.
- Decisive break above 61.8% Fib will see test of 81.90 levels (78.6% Fib).
- RSI is strong at 71 levels and biased higher, MACD supports trend higher.
- We see major long-term reversal only on break below 77.56 (weekly 100-SMA).
Support levels - 80.02 (5-DMA), 79.71 (50% Fib), 79.08 (20-DMA)
Resistance levels - 81.91 (78.6% Fib and trendline), 82, 82.20 (200-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-breaks-major-trendline-resistance-at-79-good-to-go-long-on-dips-748074) has hit all targets.
Recommendation: Good to go long on dips around 80.60/70, SL: 80, TP: 81/ 81.90/ 82.20
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 160.092 (Bullish), while Hourly JPY Spot Index was at -90.2006 (Bearish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
