FxWirePro: NZD/JPY consolidates above 61.8% Fib, bias higher, good to go long on dips

• NZD/JPY is extending grind higher, is consolidating above 61.8% Fib retrace of 83.809 to 75.626 fall.
   
• The pair is trading well above 200-DMA and daily cloud, bias higher.
   
• MACD on the weekly charts is showing a bullish crossover on signal line, raising scope for further gains.
   
• Major resistance see at 82.23 (weekly 200-SMA). Break above will accentuate upside. 
   
• We notice bearish divergence on Stochastics, and  RSI and Stochs on daily charts are at overbought levels. So we advise caution and trade with tight stop loss. 
   
• We see weakness on close below 20-DMA at 79.65. Next major support below 20-DMA lies at 200-DMA at 78.61.
   

Support levels - 80.81 (5-DMA), 80.63 (61.8% Fib of 83.809 to 75.626 fall), 80.25 (June 21 low)

Resistance levels - 82 (78.6% Fib), 82.23 (Weekly 200-SMA), 82.60 (Feb 16 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Bearish              Overbought        
1W         Bullish                Neutral      

Recommendation: Good to go long on dips around 80.90/81, SL: 80.50, TP: 81.75/ 82/ 82.20

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