01.11.201614:13 Forex Analysis & Reviews: Technical analysis of NZD/JPY for November 1, 2016

Long-term review

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NZD/JPY broke above the ascending channel after which rejected 200- and then 50-Moving average. This is a sign of an emerging bullish trend.

Fibonacci applied to the channel breakout showed the pair rejected 50% Fibs support and continued to move higher. Consider buying NZD/JPY at the current level (75.35), targeting either 23.6% (76.00) or 0% Fibs (77.00) as a final target. Suggested stop loss is 74.70.

Support: 74.87, 74.37

Resistance: 75.37, 76.00, 77.00

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