NZD/JPY chart - Trading View
- NZD/JPY is extending choppy trade along 200-DMA, which is strong support at 75.06.
- Technical indicators support weakness. Decisive break below will see further downside.
- RSI is below 50 levels and Stochs are highly bearish. -ve DMI dominance adds to the bearish bias.
- Further we see Bearish divergence on RSI and Stochs which supports downside.
- 5-DMA is capping recovery attempts and decisive break below 200-DMA to see dip till 73.96 (38.2% Fib).
- On the flipside, bounce off 200-DMA support and close above 5-DMA will see further upside.
Support levels - 74.61 (Lower BB), 73.96 (38.2% Fib), 73.20 (Jan 17 low)
Resistance levels - 75.06 (200-DMA), 75.13 (5-DMA), 75.40 (110-DMA)
Recommendation: Stay short on decisive break below 200-DMA, SL: 75.20, TP: 74.60/ 74/ 73.20
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
