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 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