- NZD/JPY trades in a major bear trend, breaks below 200-DMA.
- The pair is currently holding minor support at 75.60, break below will see resumption of downtrend.
- Bears then target 78.6% Fib retracement of 69.23 to 83.80 rally at 72.61.
- Momentum studies are bearish, technical indicators are biased lower.
- The pair is trading 0.47 pct higher on the day as Kiwi is tracking the Aussie higher after stellar Australia employment and China trade data.
Support levels - 75.60 (trendline), 74.80 (61.8% Fib), 73.69 (Nov 9th low), 72.61 (78.6% Fib)
Resistance levels - 76.52 (50% Fib & 5-DMA), 77, 77.68 (20-DMA)
TIME TREND INDEX OB/OS INDEX
1H Neutral Neutral
4H Bullish Neutral
1D Bearish Oversold
1W Bearish Neutral
Recommendation: Short decisive break below 75.60, SL: 76.60, TP: 75/ 74.80/ 74/ 73.70
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -13.3916(Neutral), while Hourly JPY Spot Index was at 167.252 (Bullish) at 0340 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
