FxWirePro: NZD/JPY finds major trendline resistance at 77.75, good to go short on rallies

• NZD/JPY pivotal around major trendline resistance at 77.75, only decisive breakout to see further upside.
  
• The pair breaks above 20-DMA at 77.36, kiwi buoyed by better-than-expected Chinese services PMI data.
  
• Upside in the pair stalls shy of key resistance at 77.75, upside only on decisive break above.
  
• Technical studies on daily charts are biased higher, RSI and Stochs are biased north, but RSI is below 50 levels.
  
• The pair trades with a neutral bias on weekly charts, close above 5W SMA could see further upside.

Support levels - 77.36 (20-DMA), 77.29 (5W SMA), 77.16 (5-DMA), 76.15 (trendline)

Resistance levels - 77.75 (trendline), 77.93 (23.6% Fib retrace of 83.91 to 76.09 fall), 78.66 (50-DMA)

Recommendation: Watch out retrace below 20-DMA at 77.36 to go short, SL: 78, TP: 77.15/ 76.60/ 76.15.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -29.3052 (Neutral), while Hourly JPY Spot Index was at -86.7378 (Bearish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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