- NZD/JPY in the green for the 8th consecutive week, hits fresh 2-month highs at 81.27.
- The pair is extending upside after breakout at major trendline resistance at 80.60.
- Technical indicators are bullishly aligned and we see scope for further upside. 81.72 (200W SMA) is next bull target.
- Breakout at 81.72 could propel the pair higher. We then see scope for test of 82.23 (78.6% Fib).
- While, on the flipside, retrace below 200-DMA at 79.36 negates bullish bias.
Support levels - 80.60 (trendline), 80.46 (5-DMA), 79.36 (200-DMA)
Resistance levels - 81.70 (200W SMA), 82.23 (78.6% Fib), 82.75 (Sept 21 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-JPY-rejected-below-5-DMA-on-track-to-test-trendline-resistance-at-8065-stay-long-1077539) has hit TP1/2.
Recommendation: Stay long for 81.70/ 82/ 82.25.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
