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NZD/JPY chart on Trading View used for analysis
- NZD/JPY consolidates bullish gap open on Monday's trade, bias higher.
- The pair has tested major resistance at 200W SMA at 78.80, break above will propel the pair higher.
- Technical studies are supporting scope for gains. We see bullish divergence on Stochs.
- MACD and DMI support upside and Bollinger Bands are widening suggesting rising volatility.
- Break above 200W SMA raises scope for test of 83.90 (Major trendline resistance).
- On the flipside, 5-DMA is immediate support at 77.94. Break below eyes 21-EMA at 76.90
Support levels - 78.24 (5-DMA), 77.06 (21-EMA), 75.74 (200-DMA)
Resistance levels - 78.80 (200-W SMA), 83.90 (trendline)
Recommendation: Watch out for decisive breakout at 200W SMA to go long.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
