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FxWirePro: NZD/JPY Trade Idea

FxWirePro Currency Strength Index for NZD/JPY: Bias Bearish

FxWirePro's Hourly NZD Spot Index was at -21.1018 (Neutral)

FxWirePro's Hourly JPY Spot Index was at 139.582 (Bullish)

Technical Analysis: Bias Bearish

 - Cloud caps upside

- Price action below major EMAs and EMAs biased south

- RSI shows weakness below 50 levels and bias lower

- Momentum studies bearish, Stochs well into oversold territory

Support levels - 76.16 (Apr 3 lows), 75.90 (major trendline), 75.54 (Mar 23 low)

Resistance levels - 76.83 (5-DMA), 77, 77.39 (21-EMA)

Recommendation: Good to go short on rallies around 76.75, SL: 77.20, TP: 76.20/ 75.90/ 75.55.

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