Fxwirepro: Nzd/jpy Struggles at 200-Sma, Break Above Could See Further Upside

• NZD/JPY struggles to extend break above 200-SMA at 81.58.
• The pair has retreated from session highs at 81.67 and is currently trading around 81.55.
• Intraday bias has turned bullish after break above 1H 100-SMA. The pair has edges above 5-DMA.
• We had identified a potential ‘Bearish Gartley’ pattern on NZD/JPY 4-hourly charts.

Support levels – 81.36 (5-DMA), 81, 80.70 (Trendline), 80

Resistance levels – 81.91 (20-DMA), 82 (Weekly 5-SMA), 82.30 (Falling trendline)

TIME TREND INDEX OB/OS INDEX

1H Bullish Neutral
4H Bullish Neutral
1D Neutral Neutral
1W Bullish Neutral

Recommendation: Good to go long on breakout above 1H 200-SMA, SL: 81, TP: 82/ 82.30.

FxWirePro Currency Strength Index: FxWirePro’s Hourly NZD Spot Index was at 91.0314(Bullish), while Hourly JPY Spot Index was at 148.379 (Highly bullish) at 0545 GMT. For more details on FxWirePro’s Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
The material has been provided by InstaForex Company – www.instaforex.com

Source:: Fxwirepro: Nzd/jpy Struggles at 200-Sma, Break Above Could See Further Upside