FxWirePro: NZD/JPY holds above 73 mark, break below cloud keeps scope for weakness

NZD/JPY chart on Trading View used for analysis

• NZD/JPY is trading in a narrow range on the day, with day's high at 73.402 and low at 73.116.
   
• The pair has broken below daily cloud in the previous weeks trade and we see scope for further weakness.
   
• Technical indicators are bearishly aligned with downward sloping RSI and Stochs and bearish MACD crossover on signal line.
   
• Price is hovering around 73.20 (Sept 17 low), 72.25 (Sept 10 low), break below to see dip till 72.25 (Sept 10 low).
   
• We see bearish invalidation only above 110-EMA at 75.10.

Support levels - 73.20 (Sept 17 low), 72.25 (Sept 10 low)

Resistance levels - 74.50 (55-EMA), 74.85 (5-DMA), 75.18 (110-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-JPY-holds-support-at-cloud-base-good-to-go-short-on-break-below-1438668) has hit TP1.

Recommendation: Book partial profits. Hold for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -117.309 (Bearish), while Hourly JPY Spot Index was at 129.205 (Bullish) at 0830 GMT.

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.