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FxWirePro: Hourly cloud capping upside in NZD/JPY, good to sell rallies

NZD/JPY edges lower from session highs at 75.96, antipodeans recovery halts as oil recovery falters, triggering a renewed bout of risk-aversion. Scope for further downside on hourly charts, Stochs, RSI and MACD point sou…

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FxWirePro: Hourly cloud capping upside in NZD/JPY, good to sell rallies
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NZD/JPY edges lower from session highs at 75.96, antipodeans recovery halts as oil recovery falters, triggering a renewed bout of risk-aversion.

  • Scope for further downside on hourly charts, Stochs, RSI and MACD point south.
     
  • Price action in the pair on hourlies has been capped on the topside by daily cloud.
     
  • 75.53 (Hourly cloud base) is immediate resistance on the upside, while 74.72 (Jan 18 lows) is support on the downside.

Recommendation: Good to sell rallies around 75.10 levels, SL: 75.55, TP: 74.60/74 

 

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