NZD/JPY cloud breakout, eyes Triangle top at 80.75
NZD/JPY is extending breakout above 200-DMA on 20th Dec trade, bias higher.
The pair has edged above daily Ichi cloud and we see scope for further upside.
RSI is showing strength above 70 levels with room to run further, momentum is also highly bullish.
ADX is above 25 levels and rising further along with +ve DMI dominance which supports current uptrend.
The pair is trading in a falling triangle pattern and next bull target lies at 80.75 (Triangle top).
Violation at 'Triangle top' could see further upside. While retrace below 200-DMA at 79.27 negates bullish bias.
Support levels - 79.60 (5-DMA), 79.41 (cloud top), 79.27 (200-DMA)
Resistance levels - 80.0 (50% Fib retrace of 83.910 to 76.090 fall), 80.75 (Triangle top), 80.92 (61.8% Fib)
Good to go long on dips around 79.80/90, SL: 79.25, TP: 80/ 80.75/ 80.90
The pair has edged above daily Ichi cloud and we see scope for further upside.
RSI is showing strength above 70 levels with room to run further, momentum is also highly bullish.
ADX is above 25 levels and rising further along with +ve DMI dominance which supports current uptrend.
The pair is trading in a falling triangle pattern and next bull target lies at 80.75 (Triangle top).
Violation at 'Triangle top' could see further upside. While retrace below 200-DMA at 79.27 negates bullish bias.
Support levels - 79.60 (5-DMA), 79.41 (cloud top), 79.27 (200-DMA)
Resistance levels - 80.0 (50% Fib retrace of 83.910 to 76.090 fall), 80.75 (Triangle top), 80.92 (61.8% Fib)
Good to go long on dips around 79.80/90, SL: 79.25, TP: 80/ 80.75/ 80.90
Comment:
All targets hit.