NZDJPY is breaking above the upside resistance
NZDJPY has broken above the upside resistance of 73.30 and has pulled back for a retest of the neckline of an Inverse H&S formation. A break above this level is giving us a higher probability of long trade entries. A break below 73 is now required for the downside reversal. The overall medium-term is an uptrend and a new bounce of the 73.30 resistance turned upside support could lead to a continuation upside. Use the consolidation to build a long position and target 78.
Note – We are inclined to long trade entries with the stop loss below 73.30 on a bounce off the retest support zone and a break above 74.
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