FxWirePro: NZD/JPY extends range trade above weekly 200-SMA, weakness likely on break below

• NZD/JPY is extending range trade above weekly 200-SMA, we see weakness on break below.
   
• We have evidenced a 'Bearish Bat Pattern' on daily charts which raises scope for downside in the pair.
   
• Technical indicators support downside in the pair. MACD has shown a bearish crossover and Stochs are biased lower.
   
• Doji and spinning top formations on weekly charts add to downside bias. RSI on the weeklies has also turned south.
   

Support levels - 82.27 (Weekly 200-SMA), 81.62 (23.6% Fib retrace of 76.270 to 83.272 rally), 80.66 (Feb 9th low)

Resistance levels - 82.52 (5-DMA), 83, 83.27 (July 13 high)

Recommendation: Watch out for break below weekly 200-SMA to go short.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 99.6675 (Bullish), while Hourly JPY Spot Index was at 122.164 (Bullish) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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