NZD/JPY surges to as high as 75.83 today, following better than expected New Zealand job data. Up trend from 59.49 should have resumed. Further rally is expected as long as 74.11 support holds. Next target is 100% projection of 63.45 to 71.66 from 68.86 at 77.07.
Current rise from 68.86 could be the fifth wave in the five wave sequence from 59.49. Hence, we’d be cautious on loss of upside momentum as it approaches 77.07 and tops around there.
Nevertheless strong break of 77.07 would bring further medium term rise to 61.8% retracement of 94.01 (2015 high) to 59.49 at 80.82.
