NZD/JPY has recovered from this week’s low of 75.29 and is currently trading at 76.88. The intraday resistance levels are at 77.00 and 77.23. The intraday support levels are at 76.44 and 76.18.

The pair’s 3-day bull run appears to be continuing towards the end of this week. The SMA-14 line (76.85) is near the current price and bulls need to break above this level to take the positive sentiments to the next week. The SMA-50 resistance line is at 77.95. The mid-Bollinger band is at 77.13 while the upper and lower bands are at 78.35 and 75.91 respectively. The RSI is at 46 and has an upwards curve. Following the intraday and 4-hourly price pattern the pair is ideal for buying entries on small dips using the following levels.

Direction: Buy
Entry: 76.40
Take Profit: 76.90
Stop-loss: 76.05

A weekly closing above 77.00 would be ideal for the bulls to move further higher during the next week and challenge the 77.60 and 78.00 resistance areas. On the downside, a weekly closing below 76.30 would be supportive of the bears to once again take control and move lower.

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By LCMS Traders FX Analysis Team

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