FxWirePro: NZD/JPY finds major support at 74.47, break below to see test of 74 levels, stay short

• NZD/JPY extends its corrective slide as risk-off trades intensified following the release of below estimates Chinese economic data.
   
• Data released earlier today showed China industrial production rose 6.0% y/y in May, same as seen a month before and lower than the forecast of 6.1%. 
   
• Retail sales rose 10.0% y/y last month, missing expectations of a 10.1% increase. While fixed asset investment rose 9.6% y/y in May, down from 10.5% in April, and the slowest rate on record.
   
• Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-breaks-major-support-at-7605-good-to-sell-rallies-220150) has hit all targets.
   
• Techs support downside - Bollinger bands are widening, Stochs and RSI biased lower.
   
• Pair finds major support at 74.47 (20-DMA), break below to see test of trendline support at 74 and then lower Bollinger band at 73.40.
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Recommendation: Book partial profits at around 74.50 levels, lower trailing stop to 75.20, target 74/73.40