NAB discusses NZD/JPY technical outlook and flags a strong bullish setup on monthly and weekly charts targeting an initial move to 80.20.
"May produced a bullish monthly candle pattern (hammer) confirming a strong positive shift."
"Bullish weekly candle pattern (hammer) produced last week after the lower weekly Bollinger band was tested and held at 74.74.
Immediate target at the 2015/2018 downtrend line around 80.20. The break of 80.20 would imply that price can test the multi-year triple top at 83/84 on a multi-month basis," NAB argues.