NZD/JPY edges lower from session highs at 77.68, trades around 77.78 at the time of writing.
Upside finds strong resistance at 100-DMA at 77.70, break above could see further upside.
Break above could see test of 78.30 (major trendline resistance) ahead of 78.89 (61.8% Fib).
On the flipside, the pair finds strong support at 50-DMA at 77.03. Retrace below could see weakness till 21-EMA at 76.53. Breach at 21-EMA negates bullish bias.
Technical indicators support upside in the pair. Momentum studies are bullish. RSI above 50 and biased higher.
Bullish divergence raises scope for upside.
Support levels - 77.23 (38.2% Fib), 77.03 (50-DMA), 76.86 (5-DMA), 76.53 (21-EMA)
Resistance levels - 77.70 (100-DMA), 78, 78.30 (trendline)
Good to go long on break above 100-DMA, SL: 77, TP: 78/ 78.30/ 78.89
Upside finds strong resistance at 100-DMA at 77.70, break above could see further upside.
Break above could see test of 78.30 (major trendline resistance) ahead of 78.89 (61.8% Fib).
On the flipside, the pair finds strong support at 50-DMA at 77.03. Retrace below could see weakness till 21-EMA at 76.53. Breach at 21-EMA negates bullish bias.
Technical indicators support upside in the pair. Momentum studies are bullish. RSI above 50 and biased higher.
Bullish divergence raises scope for upside.
Support levels - 77.23 (38.2% Fib), 77.03 (50-DMA), 76.86 (5-DMA), 76.53 (21-EMA)
Resistance levels - 77.70 (100-DMA), 78, 78.30 (trendline)
Good to go long on break above 100-DMA, SL: 77, TP: 78/ 78.30/ 78.89