FxWirePro: NZD/JPY hits quarterly low at 75.89, further weakness only on break below 75.20

NZD/JPY hits fresh multi-month lows, the pair hit 75.89, levels not seen since Oct 2015 before edging higher to currently trade at 76.58.

• Strong support for the pair is seen at 75.20 levels, breaks below could see 74.72 (78.6 % Fib retrace of 72.41 to 83.37 rise).
• On the topside, breaks above 5-DMA at 76.79 could see a reversal in trend, 77.50 would be next bull targets.
   
• Volatility across global markets and falling commodity prices will keep downward pressure on NZD, while supporting the safe haven yen.
• Momentum indicators are also bearish, Stochs and RSI are at ovresold but show no signs of reversal into neutral.
• 5-DMA at 76.79 and trendline support at 75.20 are levels to keep and eye on for further direction