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FxWirePro: NZD/JPY capped at cloud top, good to go long on break above
NZD/JPY chart - Trading View
NZD/JPY breaks above 110-EMA, trades 0.49% higher at 73.15 at 06:15 GMT.
The pair has paused upside at cloud top (73.19). Break above will see resumption of gains.
Technical studies support upside in the pair. GMMA shows short-term MAs have edged above the longer-term MAs.
Stochs and RSI are sharply higher and RSI is near 70 levels showing strength in the current uptrend.
Break above cloud finds next major hurdle at 74.34 (nearly converged 200.-DMA and 61.8% Fib)
Failure at 110-EMA and dip below 5-DMA support will see weakness till 21-EMA at 72.25.
Support levels - 73.05 (110-EMA), 72.76 (5-DMA), 72.25 (21-EMA)
Resistance levels - 73.19 (Cloud top), 74, 74.34 (nearly converged 200.-DMA and 61.8% Fib)
Recommendation: Good to go long on break above daily cloud, SL: 72.70, TP: 73.50/ 74/ 74.30
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.