NZD/JPY faces stiff resistance at 76.30, long breaks above
Kiwi saw huge gains after RBNZ held rates, NZD/JPY spiked past major resistances: 100-DMA at 75.45, channel top at 75.75.
The pair hit 7-week high of 76.29, has erased some of the gains to currently trade at 75.90 levels.
The negative performance of the Nikkei (-0.97%) has been supporting the demand for the Japanese Yen, weighing on the pair.
Technically 76.30 is major trendline resistance for the pair, further upside can be seen only on breaks above.
Indicators support upside in the pair, break above 76.30 can see test of 77 and then 77.35.
On the downside, break below 100-DMA at 75.45 will see weakness upto 5-DMA at 74.86.
Good to go long on break above 76.30, SL: 75.45, TP: 77/ 77.35
The pair hit 7-week high of 76.29, has erased some of the gains to currently trade at 75.90 levels.
The negative performance of the Nikkei (-0.97%) has been supporting the demand for the Japanese Yen, weighing on the pair.
Technically 76.30 is major trendline resistance for the pair, further upside can be seen only on breaks above.
Indicators support upside in the pair, break above 76.30 can see test of 77 and then 77.35.
On the downside, break below 100-DMA at 75.45 will see weakness upto 5-DMA at 74.86.
Good to go long on break above 76.30, SL: 75.45, TP: 77/ 77.35