NZDJPY breakout higher
NZDJPY has broken above another upside resistance of 75.50. A confirmed break above this resistance is required for an upside continuation higher to 50 and 61.8% Fibonacci retracement of the long-term 2015-2020 swing low. A rejection here and a break below 74.60 could lead to another downside support 74 test. The overall medium-term is uptrend but we need this break above 75.50 confirmed for a high probability upside extension. As long as the NZDJPY is above 74 there is a high probability that it will have an upside extension targeting 78-80.
Note – We are inclined to long trade entries with the stop loss below 74.70.
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