NZD/JPY breaks strong trendline resistance at 74.10, targets 75

FX:NZDJPY   New Zealand Dollar / Japanese Yen
NZD/JPY has broken above strong trendline resistance at 74.10 and is currently trading around 74.50 levels.

The pair is extending upside for the 3rd consecutive session after hitting fresh 8-month lows at 72.88 on April 7th trade.

Technicals on 4H charts show further upside for the pair, test of 75 levels likely.

Immediate support is seen at 74.04 (5-DMA) , while resistance is located at 74.74 (Feb 24th highs) ahead of 75.10 (April 7th highs).

A weaker yen this morning combined with upbeat Australian business confidence data fuelled renewed optimism in the markets and underpinned overall sentiment.

Refrain from taking longer term bets as markets cautious ahead of key China’s macro releases due later this week.

Good to buy dips around 74.45/50, SL: 74, TP: 75/75.10
Trade active: All targets hit, we see scope for further upside.

Test of 76.17 (61.8% Fib retrace of 78.210 to 72.883 fall) likely.

Book partial profits, raise stops to 75.20, target 76/76.17


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