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NZD/JPY chart on Trading View used for analysis
- NZD/JPY slumps 0.84% on the day to trade at 72.61 at the time of writing.
- Recovery attempts rejected below 21-EMA. Major trend for the pair is bearish.
- Risk-off flows are punishing the antipodeans across the board as traders flock into safe havens.
- We see stiff resistance at 21-EMA at 73.26. Any upside only on decisive break above. Bullish reversal only above 110-EMA.
- Technical indicators support weakness in the pair. Stochs and RSI show bearish pressures and MACD shows bearish crossover on signal line.
- Bears eye major support at 72.25 (trendline). We see weakness to accentuate on break below.
Support levels - 72.25 (trendline support), 72
Resistance levels - 73.33 (5-DMA), 73.56 (21-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-JPY-finds-stiff-resistance-at-7367-good-to-go-short-on-rallies-1448904) is approaching final targets.
Recommendation: Book partial profits, stay short.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
