- 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.
Recommendation: Good to go long on break above 76.30, SL: 75.45, TP: 77/ 77.35
The material has been provided by InstaForex Company – www.instaforex.com