NZD/JPY technicals and trade setup

FX:NZDJPY   New Zealand Dollar / Japanese Yen
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NZD/JPY price, volumes, leading and lagging indicators moving in tandem with bull swings – Stay long in near-month futures as more rallies likely:

You could very well observe from last 3 weeks, the appearances of bullish candles with big real bodies and spiking well above SMAs.

The upswings to prolong upto 82.786 on break-out above 77.887 with bullish SMA crossover (7DMA crosses over 21DMA).

While both leading & lagging indicator to substantiate this bullish stance.

The current upswings have taken above EMAs as well on monthly plotting, sustenance above would take the rallies to 83.321 levels, otherwise, the failure swings to bring in an equal chance for bears.

RSI converges to the ongoing upswing as this leading oscillator trending higher even above 70 levels.

Buying momentum in short term rallies and medium term consolidation phase is also signaled by the  stochastic oscillator.

MACD on both weekly and monthly signals bullish trend to prolong ahead.

Most importantly, the massive volumes on consolidation phase are in conformity to the uptrend that we are seeing from last two-three months.

Hence, we recommend buying rallies and decide to initiate longs in futures contracts with near month tenor which are highly leveraged products for targets upto 82.786 or even upto 83.375 is possible, maintain strict stop loss at 79.300 levels, thereby, the trade could achieve attractive risk reward ratio.
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