FxWirePro: NZD/JPY breaks major support at 73.80, on track to test channel base at 72.30

• Kiwi bears relentless amid risk-off sentiment persisting in the markets, both Asian equities and oil prices trading in the red.
   
• NZD/JPY extending overnight slump, breaks major support at 73.80, is on track to test channel base support at 72.30.
   
• Poor Westpac MNI Chinese consumer sentiment data further adds to the downward pressure on the bird.
   
• Techs also support downside, Stochs have bounced off from near overbought levels, 5-DMA is on the verge of a bearish crossover on 10-DMA. Momentum is bearish, RSI is biased lower. 
   
• US new home sales data due later today, and NZ trade balance data due tomorrow may provide fresh direction on NZD/USD.
   
• Pair see strong resistance at 74 levels (converged 5&10 DMA and psychological level). Bearish invalidation above 74.
   
• Supports ahead of 72.30 are located at 73.20, 73 and then 72.88 levels.
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Recommendation: Good to sell rallies around 73.50/60, SL: 74, TP: 73/72.90/72.30