FxWirePro: NZD/JPY sees strong resistance at 76.85, further bullishness only on breaks above
Friday, March 4, 2016 4:52 AM UTC
- NZD/JPY has been trading in a multi-week range of 76.84-73.54, the pair has broken strong trendline resistance at 76.
- We had given a long call for the pair (http://www.econotimes.com/FxWirePro-NZD-JPY-breaks-major-resistance-at-76-good-to-buy-dips-171793).
- All targets have been hit, we advise booking full profits and exiting the trade. Further bullishness in the pair can be seen only above 76.85.
- Weekly charts show Stochs have rolled over from oversold region and RSI had turned higher.
- The price action is however, below weekly 200 period MA and the cloud. A decisive break above 76.85 could see upside resume.
Recommendation: Book full profits and exit trade, watch out for breakout above 77 to go long.
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