NZD/JPY is extending grind higher, is consolidating above 61.8% Fib retrace of 83.809 to 75.626 fall at 80.68.
The pair is trading well above 200-DMA and daily cloud, bias higher.
MACD on the weekly charts is showing a bullish crossover on signal line, scope for further upside.
Major resistance see at 82.23 (weekly 200-SMA). Break above will accentuate upside.
We notice bearish divergence on Stochastics, and RSI and Stochs on daily charts are at overbought levels. So we advise caution and trade with tight stop loss.
Support levels - 80.81 (5-DMA), 80.63 (61.8% Fib of 83.809 to 75.626 fall), 80.25 (June 21 low)
Resistance levels - 82 (78.6% Fib), 82.23 (Weekly 200-SMA), 82.60 (Feb 16 high)
Good to go long on dips around 80.90/81, SL: 80.50, TP: 81.75/ 82/ 82.20
The pair is trading well above 200-DMA and daily cloud, bias higher.
MACD on the weekly charts is showing a bullish crossover on signal line, scope for further upside.
Major resistance see at 82.23 (weekly 200-SMA). Break above will accentuate upside.
We notice bearish divergence on Stochastics, and RSI and Stochs on daily charts are at overbought levels. So we advise caution and trade with tight stop loss.
Support levels - 80.81 (5-DMA), 80.63 (61.8% Fib of 83.809 to 75.626 fall), 80.25 (June 21 low)
Resistance levels - 82 (78.6% Fib), 82.23 (Weekly 200-SMA), 82.60 (Feb 16 high)
Good to go long on dips around 80.90/81, SL: 80.50, TP: 81.75/ 82/ 82.20
Comment:
TP1 hit.