Long NZD/JPY on breaks above 82.45, target 83 levels
A bounce in oil prices coupled with a positive new Zealand trade balance keeps the upside in the Kiwi favoured.
Price action in NZD/JPY is above the cloud and Tenkan and Kijun show bullish crossover above the cloud which shows upside potential, Stochs are in neutral territory.
There is a positive 5&10 DMA crossover and the MACD line is also showing a bullish crossover on the signal line.
Watchout for breaks above 82.45, pair could then target 83 levels. NZD/JPY is currently trading at 82.38 with immediate support at 82.25 (Dec24 lows) and resistance at 82.45 (Trendline resistance).
We would go long on breaks above 82.45, SL: 82, TP1: 83, TP2: 83.50
Price action in NZD/JPY is above the cloud and Tenkan and Kijun show bullish crossover above the cloud which shows upside potential, Stochs are in neutral territory.
There is a positive 5&10 DMA crossover and the MACD line is also showing a bullish crossover on the signal line.
Watchout for breaks above 82.45, pair could then target 83 levels. NZD/JPY is currently trading at 82.38 with immediate support at 82.25 (Dec24 lows) and resistance at 82.45 (Trendline resistance).
We would go long on breaks above 82.45, SL: 82, TP1: 83, TP2: 83.50