NZD/JPY: watch the resistance

NZD/JPY: watch the resistance

Trade idea

BUY 73.00; TP 73.35; SL 72.85

NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level. The pair has reached the July high at 72.93. Above this level, the next natural one is the 100-day MA in the 73.35 area. The line is going down and will provide resistance. Still, in the short term, it will likely attract the exchange rate. 



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