FxWirePro: NZD/JPY Breaks Major Resistance at 74.45, Good to Long Dips
23 May 2016, 09:18
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FxWirePro: NZD/JPY Breaks Major Resistance at 74.45, Good to Long Dips
- NZD/JPY has broken above strong trendline resistance currently at 74.45, bias higher.
- Bullish Shark pattern evidenced on NZD/JPY dailies. Pair has edged higher from Potential Reversal Zone at 72.54.
- Technical indicators support upside. Momentum studies are neutral, Stochs are biased higher.
- Pair finds next resistance at 74.95 (50% Fib of XA leg), 75.15 (55-EMA) and then 75.51 (61.8% Fib of XA leg).
- Supports on the downside are located at 74.37 (5-DMA), 74.13(10-DMA) and then 74 levels.
Recommendation: Go long on dips around 74.50, SL: 74, TP: 75/75.50/75.75
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