FxWirePro: NZD/JPY edges lower from 2-week highs at 79.462, bias higher

• NZD/JPY closed above 20-DMA at 79.22 on Monday's trade, bias still higher.
   
• The pair has lost some ground in the Asian session today, slipped lower from 2-week highs at 79.462.
   
• Bullish divergence on RSI and Stochs keeps scope for further upside in the pair.
   
• Stochs have rolled over from oversold levels and MACD is showing a bullish crossover.
   
• We see scope for test of 61.8% Fib retrace of 83.809 to 75.626 fall at 80.68.
   
• On the flipside, weekly cloud base at 76.52 is next major support below 78. Break below cloud targets 61.8% Fib at 74.83.

Support levels - 78.73 (5-DMA), 78.30 (38.2% Fib retrace 69.232 to 83.901 rally), 78.20 (rising trendline), 77.98 (May 30 low)

Resistance levels - 79.17 (20-DMA), 79.99 (100-DMA), 80.13 (200-DMA)

Recommendation: Good to go long on dips around 79 levels, SL: 78.30, TP: 79.75/ 80/ 80.15

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -73.0188 (Neutral), while Hourly JPY Spot Index was at -118.485 (Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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