FxWirePro: NZD/JPY breaks major resistance at 76, good to buy dips
Thursday, March 3, 2016 4:36 AM UTC
- NZD/JPY has been trading in a multi-week range of 76.84-73.54, the pair has broken strong trendline resistance at 0.76.
- We see scope for gains upto 76.80, daily Stochs and RSI are biased higher.
- Immediate resistance is seen at 0.7638 (Feb 15th highs), 76.60 (Feb 26th highs) and then at 76.77 (Feb 7th highs).
- On the downside supports are located at 75.42 (5-DMA), 75.22 (10-DMA) and 75.04 (18th Feb lows).
Recommendation: Buy dips around 76.10, SL: 75.75, TP: 76.60/76.80
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