NZD/JPY: Trade ideas for August 05
The NZDJPY has made a rebound at the support level of 87.14, where is located the 50.0 Fibo level, so this pair could resume the bullish trend and extend its road to the resistance level of 87.85, where the 500 EMA in H1 chart is located. However, in recent days, the NZDJPY moved in range, in favor of the bullish bias.
If the pair manages to make a breakout in the support level of 87.24, it's expected to fall to the level of 87.04, where is located the 61.8 Fibo level. For now, it is only advisable to do trading in this pair if does a breakout at the resistance level of 87.57. The CCI indicator is in the vicinity of -100 level and pointing downwards.
Trading recommendations: Place buy orders only if the NZDJPY does a breakout at the resistance level of 87.57, with take profit at the dynamic resistance offered by the 500 EMA (87.85).