NZD/JPY finally follows other commodity yen crosses, and break through 76.12 support to resume recent rally. Current rise is seen as part of the up trend from 59.49. Next target is 100% projection of 63.45 to 71.66 from 68.86 at 77.07. At this point, we’d stay cautious on topping around this projection level to complete the five wave sequence from 63.45.
But firstly, break of 75.34 support is needed to be the first signal of short term topping. Secondly, sustained break of 77.07 would likely prompt some upside acceleration for 161.8% projection at 82.14 next.
