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