• FxWirePro: NZD/JPY hovers around 55-ema, good to go long on break above

    Source: FxWire Pro - Technicals / 16 Jul 2018 08:05:47   America/New_York

    • NZD/JPY hovers around 55-EMA at 76.20, decisive break above could propel the pair higher. 
    • The pair is trading 0.33% higher on the day at 76.26 at the time of writing.
    • Technical indicators on intraday charts have turned bullish. 
    • Further, we see bullish divergence on RSI and Stochs which adds to the bullish bias.
    • The pair is holding support at 21-EMA at 75.75. We see weakness on break below.
    • Next immediate bull target lies at 110-EMA at 76.86. Violation there will see test of major trendline resistance at 77.15.

    Support levels - 76.01 (5-DMA), 75.75 (21-EMA), 75.54 (Mar 23 low)

    Resistance levels - 76.86 (110-EMA), 77.20 (Trendline), 77.87 (June 13 high)

    Recommendation: Good to go long on breakout at 55-EMA, SL: 75.75, TP: 76.85/ 77/ 77.20

    FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 32.6156 (Neutral), while Hourly JPY Spot Index was at -93.7617 (Bearish) at 1045 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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