FxWirePro: NZD/JPY struggles at 200-DMA (80.03), good to go long on decisive break above

• NZD/JPY breaks above 5-DMA at 79.70, the pair was trading up 0.37% on the day.
   
• The major is attempting to retrace above 200-DMA which is major resistance.
   
• Technical indicators are still bearish, we see slight change in daily bias.
   
• 50-DMA is on verge of forming a 'Death Cross' with bearish crossover on 200-DMA.
   
• Rejection at 200-DMA raises scope for test of 78.75 (Wedge base). Violation there could see further weakness.
   
• We see bearish invalidation only on retrace above 200-DMA.

Support levels - 79.70 (5-DMA), 79, 78.75 (Wedge base), 78.18 (Sept 2017 low)

Resistance levels - 79.53 (23.6% Fib retrace of 83.91 to 78.18 fall), 80.03 (200-DMA), 80.37 (38.2% Fib retrace of 83.91 to 78.18 fall)

Recommendation: Bias neutral, watch out for 200-DMA breakout for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 74.1926 (Neutral), while Hourly JPY Spot Index was at 27.3271 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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