FxWirePro: NZD/JPY finds stiff resistance at 73.67, good to go short on rallies

NZD/JPY chart on Trading View used for analysis

• NZD/JPY recovers from session lows at 72.81, trades 0.25% higher on the day at 73.38 at the time of writing.
   
• Major trend for the pair is bearish. Recovery attempts lack traction.
   
• We see stiff resistance at 73.67 which is converged 21-EMA and 5-DMA. Any upside only on decisive break above.
   
• Next major resistance above 73.67 lies at 55-EMA at 74.02. Bullish reversal only above 110-EMA at 74.75.
   
• On the other side, we see major support at 72.35 (trendline). Weakness to accentuate on break below. 

Support levels - 72.75 (Oct 15 low), 72.35 (trendline support)

Resistance levels - 73.67 (converged 5-DMA and 21-EMA), 74.02 (55-EMA)

Recommendation: Good to go short around 73.40/50, SL: 74, TP: 72.75/ 72.35

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.