FxWirePro: NZD/JPY eyes major trendline support at 72.50, good to stay short on upticks

NZD/JPY chart on Trading View used for analysis

• NZD/JPY extends weakness for the 5th straight week, bias remains bearish.
   
• The pair trades 0.59% lower on the day at 73.10 at 1140 GMT.
   
• Technical studies are highly bearish, bears eye major trendline support at 72.50.
   
• Breach there will see major downside. Scope for dip till 72.25.
   
• We see some bullish divergence on Stochastics on intraday charts which raises scope for upside.
   
• 5-DMA is immediate resistance at 73.96. Decisive break above could see grind till 200-DMA at 75.65.

Support levels - 73, 72.50 (trendline), 72

Resistance levels - 73.96 (5-DMA), 74.87 (20W SMA), 75.65 (200W SMA)

Recommendation: Good to stay short on upticks, SL: 74, TP: 73/ 72.50