FxWirePro: NZD/JPY Near-term Outlook

NZD/JPY chart on Trading View used for analysis 

• NZD/JPY is attempting breakout of sloping channel pattern.
   
• The pair has been extending choppy trade at 110-W EMA resistance.
   
• We are seeing a grind along channel top and breakout there could see bullish continuation.
   
• A bullish divergence on Stochs on the weekly charts adds to upside scope.
   
• Breakout at 110-W EMA finds next major resistance at weekly cloud at 77.57.
   
• On the flipside, 76.64 (5W SMA is immediate support), weakness likely on break below.

Support levels - 76.63 (5W SMA), 75 (23.6% Fib)

Resistance levels - 77.30 (110-W EMA), 77.57 (weekly cloud base), 79.45 (61.8% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.