- NZD/JPY edges higher from session lows at 77.28, bias remains bullish.
- The pair struggles to break strong resistance at 100-DMA, further upside only on decisive break above.
- Technical indicators support upside in the pair. Momentum studies are bullish. RSI above 50 and biased higher.
- Break above 100-DMA could see test of 78.30 (major trendline resistance) ahead of 200-DMA at 78.45 and then 78.89 (61.8% Fib).
- On the flipside, the pair finds strong support at 50-DMA at 77.04. Retrace below could see weakness till 21-EMA at 76.61. Breach at 21-EMA negates bullish bias.
Support levels - 77.23 (38.2% Fib), 77.14 (5-DMA), 77.04 (50-DMA), 76.61 (21-EMA)
Resistance levels - 77.67 (100-DMA), 78, 78.30 (trendline), 78.45 (200-DMA)
Recommendation: Good to go long on break above 100-DMA, SL: 77, TP: 78/ 78.30/ 78.89
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