Watchout for NZD/JPY breaks above 83.45 for further bullishness


NZD/JPY edges higher for the third straight session, trades range-bound on the day, 82.32/41 were day's high/low till now.
A bounce in oil prices coupled with a positive new Zealand trade balance keeps the upside in the Kiwi favoured.
Price action in NZD/JPY is above the cloud and Tenkan and Kijun show bullish crossover above the cloud which shows upside potential, Stochs are in neutral territory.
Watchout for breaks above 83.45, pair could then target 84.76 (61.8 % Fib of 92.40-72.40 fall).
NZD/JPY is currently trading at 82.38 with immediate support at 82.25 (Dec24 lows) and resistance at 82.45 (Trendline resistance).

Recommendation: Good to go long on breaks above 82.45, SL: 82, TP: 82.80, TP2: 83


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