FxWirePro: NZD/JPY takes out 61.8% Fib, 78.6% Fib at 81.91 next bull target

• NZD/JPY has taken out 61.8% Fib of 83.80 to 75.62 fall at 80.68 and is currently trading at 80.87.
   
• The pair made fresh 4-month high of 81.11 before paring some gains, bias higher.
   
• Upside is extending for the 5th successive week, 78.6% Fib at 81.91 next bull target.
   
• RSI is strong at 71 levels and biased higher, MACD supports trend higher.
   
• That said, Stochs are at overbought levels hence some caution advised.
   
• We see major long-term reversal only on break below 77.56 (weekly 100-SMA).

Support levels - 80.68 (61.8% Fib), 80.28 (5-DMA), 79.71 (50% Fib)

Resistance levels - 81.91 (78.6% Fib and trendline), 82, 82.60 (Feb 16 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-hovers-around-618-Fib-bias-higher-test-of-8190-likely-761940) has hit TP1.

Recommendation: Bias higher, stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 94.232 (Bullish), while Hourly JPY Spot Index was at -46.6683 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.