FxWirePro: NZD/JPY hits new multi-month lows, 74.45 major support, go short on close below
NZD/JPY earlier today broke major support at 74.45 to hit fresh multi-month lows at 74.30. 74.45 is double-bottom (June 2013 and Sept 2015) a strong support levelClose below could see further weakness in the pair, declin…
NZD/JPY earlier today broke major support at 74.45 to hit fresh multi-month lows at 74.30.
74.45 is double-bottom (June 2013 and Sept 2015) a strong support levelClose below could see further weakness in the pair, declines till 69.30 then look likely.
Inverted hammer formation seen on weekly charts, suggesting selling pressure on upticks.
75.48 (5-DMA) is immediate resistance on the upside, while 74.05 (Weekly low Jan 21st-25th 2013) is support on the downside.
Recommendation: Go short on close below 74.45, SL: 77, TP1: 71.61, TP2: 69.30
