FxWirePro: NZD/JPY struggles at major resistance at 77.40, further upside likely on break above

• NZD/JPY is struggling to break major resistance at 77.40, further gains likely on break above.
   
• The pair is trading at 77.32, up 0.41 percent on the day and just shy of 50-DMA at 77.55.
   
• Above 77.55 we see little resistance upto 78.50 (May 16 high).
   
• Price action has broken into daily cloud and Technical indicators have turned slightly bullish.
   
• Focus now on annual NZ budget due on Thursday, reaffirmation of NZ’s solid fiscal position will boost NZD.

Support levels - 77.20 (5-DMA), 77, 76.52 (50% Fibo 69.23 to 83.80 rally), 76

Resistance levels - 77.40 (trendline), 77.51 (20-DMA), 77.55 (50-DMA), 78

TIME  TREND INDEX  OB/OS INDEX   

1H          Bullish                Neutral      

4H          Neutral               Neutral      

1D          Neutral               Neutral       

1W         Neutral               Neutral     

Recommendation: Good to go long on break above 77.55, SL: 77, TP: 78/ 78.50/ 78.75

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -74.0197 (Bearish), while Hourly JPY Spot Index was at -44.7759 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.