FXWIREPRO: NZD/JPY Breaks Strong Trendline Resistance at 74.10, Targets 75
- NZD/JPY has broken above strong trendline resistance at 74.10 and is currently trading around 74.50 levels.
- The pair is extending upside for the 3rd consecutive session after hitting fresh 8-month lows at 72.88 on April 7th trade.
- Technicals on 4H charts show further upside for the pair, test of 75 levels likely.
- Immediate support is seen at 74.04 (5-DMA) , while resistance is located at 74.74 (Feb 24th highs) ahead of 75.10 (April 7th highs).
- A weaker yen this morning combined with upbeat Australian business confidence data fuelled renewed optimism in the markets and underpinned overall sentiment.
- Refrain from taking longer term bets as markets cautious ahead of key China’s macro releases due later this week.
Recommendation: Good to buy dips around 74.45/50, SL: 74, TP: 75/75.10
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