- Daily Ichimoku cloud weighs on the upside, NZD/JPY struggles to break through.
- Technical indicators on daily charts are heavily bearish.
- The pair finds strong trendline support at 76 levels, break below will see test of 75.50 (trendline).
- RSI is below 50 levels and biased lower, while stochs also point south.
- On weekly charts, price action has failed to hold above weekly 50-SMA at 77 levels.
- Bearish invalidation on weekly close above 77 levels.
Support levels - 76 (trendline), 75.50 (trendline), 74.80 (61.8% Fib retrace of 69.23 to 83.80 rally)
Resistance levels - 76.52 (50% Fib), 77.43 (cloud base & 5-DMA), 78
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Bearish Oversold
1D Bearish Neutral
1W Neutral Neutral
Recommendation: Good to go short on rallies around 76.70/80, SL: 77.45, TP: 76/ 75.50/ 75/ 74.80
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -4.84821 (Bearish), while Hourly JPY Spot Index was at 58.8517 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
