NZD/JPY has shown a decisive close above 200-DMA at 80.06 on Wednesday's trade, further upside on cards.
Price action was rejected at lows on the day, the pair has held above 5-DMA at 80.16.
The 'Bullish Cypher' pattern formed on daily charts keeps scope for upside.
Technical studies have turned bullish, Stochs have shown a rollover from oversold levels.
Weekly 20-DMA is strong support at 79.67, we see weakness only on break below.
The pair failed to close below weekly 20-SMA in the previous week and is holding above in this week's trade.
Support levels - 80.15 (5-DMA), 80.07 (200-DMA), 79.71 (cloud base), 79.67 (weekly 20-SMA)
Resistance levels - 80.60 (50-DMA & Aug 15 high), 80.92 (38.2% Fib retrace of 83.910 to 79.081 fall), 81, 81.66 (20-DMA)
Good to go long on dips, SL: 80, target 81/ 81.75.
Price action was rejected at lows on the day, the pair has held above 5-DMA at 80.16.
The 'Bullish Cypher' pattern formed on daily charts keeps scope for upside.
Technical studies have turned bullish, Stochs have shown a rollover from oversold levels.
Weekly 20-DMA is strong support at 79.67, we see weakness only on break below.
The pair failed to close below weekly 20-SMA in the previous week and is holding above in this week's trade.
Support levels - 80.15 (5-DMA), 80.07 (200-DMA), 79.71 (cloud base), 79.67 (weekly 20-SMA)
Resistance levels - 80.60 (50-DMA & Aug 15 high), 80.92 (38.2% Fib retrace of 83.910 to 79.081 fall), 81, 81.66 (20-DMA)
Good to go long on dips, SL: 80, target 81/ 81.75.
Stop loss hit.