FXWIREPRO: NZD/JPY Price Action capped Below Strong Trendline Resistance at 76.70, Good to Go Long
- NZD/JPY is extending gains after piercing into the daily cloud.
- Upside is seen capped by strong trendline resistance at 76.70, the pair has edged lower to currently trade at 76.62.
- Converged 5&10 DMAs at 75.84 offer strong support on the downside ahead of cloud base at 75.64.
- Daily techs are biased higher, a close above trendline resistance at 76.70 would take the pair higher.
- Upside sees resistance at 77, 77.44 (March 7th highs) and 77.80 (March 4th highs).
Recommendation: Go long on close above 76.70, SL: 75.80, TP: 77/77.45/77.80
The material has been provided by InstaForex Company - www.instaforex.com