FxWirePro: NZD/JPY capped below 200-DMA at 79.28, further upside only on break above

• NZD/JPY is consolidating break above 50-DMA in last week's trade, bias higher.
   
• The pair has paused upside just shy of 200-DMA at 79.28 which is stiff resistance on the upside.
   
• The pair is likely to extend gains on breakout above 200-DMA, scope then for test of 80 levels.
   
• Momentum studies are bullish, RSI and Stochs are biased higher, we see scope for further upside.
   
• However, momentum indicators are at overbought levels so some caution advised.
   
• Major support lies at 5-DMA at 78.52, break below could see some weakness.

Support levels - 78.52 (5-DMA), 78.27 (50-DMA), 77.93 (23.6% Fib retrace of 83.910 to 76.090 fall)

Resistance levels - 79.28 (200-DMA), 79.46 (Nov 9th high), 80.00 (50% Fib)

Recommendation: Good to go long on break above 200-DMA, SL: 78.50, TP: 79.50/ 80/ 80.36

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 124.002 (Bullish), while Hourly JPY Spot Index was at 55.8841 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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