FxWirePro: NZDJPY Faces Stiff Resistance at 73.80, Good to Buy Breakout Above
16 May 2016, 10:16
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FxWirePro: NZDJPY Faces Stiff Resistance at 73.80, Good to Buy Breakout Above
- NZD/JPY extending upside after slight gap down open on the day following poor Chinese data over the weekend.
- The pair has broken trendline resistance at 73.75 on the hourly charts, but was rejected at next resistance by 73.80.
- Intraday bias remains higher. Breaks above 73.80 will find next major resistance at 74.20 (trendline) ahead of 74.70.
- On the downside supports are seen at 73.66 (10-DMA), 73.31 (session lows) and then 73.20 (Feb 11th lows).
Recommendation: Good to go long on breakout above 73.80, SL: 73.30, TP: 74/74.20/74.70
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