FxWirePro: NZD/JPY finds stiff resistance at 100-DMA (79.07), break above could see further upside

• NZD/JPY extends gains above 5-DMA at 78.66, trades 0.37% higher on the day.
   
• The pair finds major resistance at 100-DMA at 79.07, break above could see further gains.
   
• Also, daily Ichimoku cloud weighs heavily on the upside, we see major resistance by cloud base at 78.70.
   
• Decisive close above cloud base and breakout at 100-DMA will see test of 81.15 (major trendline).
   
• That said, momentum studies are still bearish, RSI is flatlined below 50-levels and MACD is below zero.
   
• The pair is consolidating break below 79 handle, we see scope for further weakness on rejection at 100-DMA.
   
• Next major support on the downside lies at 77.80 (trendline) ahead of 77.26 (78.6% Fib).

Support levels - 78.18 (61.8% Fib), 77.80 (trendline), 77.26 (78.6% Fib)

Resistance levels - 78.70 (cloud base), 79, 79.07 (100-DMA)

Recommendation: Watch out for break out at 100-DMA for bearish invalidation.   

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