ByLCMS Traders FX Analysis Team
JUL 30, 2021
NZD/JPY is gaining for a 3rd consecutive day following the emergence of a couple of bullish Doji near the recent low. Currently, the pair is trading at 76.78 with 77.00 acting as a stiff resistance area. The intraday support levels are at 76.44 and 76.21.
On the intraday charts, although the pair is still within the range but with ongoing Kiwi strength, the pair is likely to challenge the 77.00 resistance zone. The current price has moved above the SMA-14 resistance line (0.7671) while the SMA-50 is at 77.78. The RSI has come up to 48 and the MACD is now also indicating a bullish trajectory which makes it ideal for buying entries using the following levels.
Direction: Buy
Entry: 76.60
Take Profit Range: 77.00 – 77.30
Stop-Loss: 76.18
A weekly closing above 77.00 would help bears move towards the next resistance area of 77.60 and 78.00 during the next week. On the downside, a weekly closing below 76.20 would be supportive of the bears.
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