NZD/JPY Daily Analysis
NZD/JPY finally broke above the ongoing narrow trading range and closed at 87.29. Currently, the pair is trading almost unchanged. The intraday support levels are at 87.00 and 86.81. The near-term resistance areas are at 87.49 and 87.76.
Yesterday’s closing is likely to help bulls build strong bullish momentum. The SMA-14 support line is at 85.67 and the SMA-50 support area is way below at 81.54. The RSI is currently in the overbought zone. The pair is keeping above the mid-band which is at 85.48 while the upper and lower bands are at 86.88 and 84.08 respectively. Based on the current intraday price pattern and considering yesterday’s bullish breakout the pair is now presenting buy opportunities. An ideal buy entry will be around 0.8710 with an intraday target of 60 to 70 pips. A reasonable stop-loss for this trade will be at 86.75.
