NZD/JPY edges higher for the third straight session, trades range-bound on the day, 82.32/41 were day's high/low till now.
- A bounce in oil prices coupled with a positive new Zealand trade balance keeps the upside in the Kiwi favoured.
- Price action in NZD/JPY is above the cloud and Tenkan and Kijun show bullish crossover above the cloud which shows upside potential, Stochs are in neutral territory.
- Watchout for breaks above 83.45, pair could then target 84.76 (61.8 % Fib of 92.40-72.40 fall).
- NZD/JPY is currently trading at 82.38 with immediate support at 82.25 (Dec24 lows) and resistance at 82.45 (Trendline resistance).
Recommendation: Good to go long on breaks above 82.45, SL: 82, TP: 82.80, TP2: 83
