Developments in commodity-yen crosses are disappointing considering the strong risk-on markets. NZD/JPY is still stuck in range below 74.30 short term top. The notable support from 72.79 resistance turned support is a sign of near term bullishness. Yet, NZD/JPY has to break through 74.30 to confirm resumption of whole up trend from 59.49. In that case, next upside target is 100% projection of 63.45 to 71.66 from 68.86 at 77.07.
However, considering bearish divergence condition in daily MACD, sustained break of 72.79 would argue that rise from 59.49 has completed with a five-wave sequence. Deeper correction could be seen back towards 68.86 support for the near term first.
