FxWirePro
Long

NZD/JPY breaks into daily cloud, test of 77.75 likely

FX:NZDJPY   New Zealand Dollar / Japanese Yen
118 0 3
NZD/JPY price action has broken into the daily cloud, raising scope for test of trendline at 77.75.

Techs are supportive for further upside, pair holds above 5-DMA after closing above on Monday's trade. Momentum studies are bullish .

Next hurdle on the upside located at 77 ahead of 77.44 (Mar 7th highs) and then 77.75 ( trendline ).

Kiwi caught fresh bid-wave after the oil             prices halted the overnight retreat and swung back into gains, providing fresh impetus to resource-linked NZD.

Focus now remains on the latest fortnightly Fonterra’s dairy auction results - Global Dairy Trade (GDT) price index.

Good to buy dips around 76.35/40, SL: 75.55, TP: 77/77.45/77.75
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