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FxWirePro: NZD/JPY sees strong support at 75.25, further weakness only on breaks below

NZD/JPY is extending retrace from recent multi-week highs of 78.21 (Mar 31st). Daily price action has dipped below the cloud and major moving averages are biased lower. Momentum studies supported by Stochs, RSI and MACD …

By FxWire Pro
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FxWirePro: NZD/JPY sees strong support at 75.25, further weakness only on breaks below
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  • NZD/JPY is extending retrace from recent multi-week highs of 78.21 (Mar 31st).
     
  • Daily price action has dipped below the cloud and major moving averages are biased lower.
     
  • Momentum studies supported by Stochs, RSI and MACD are pointing south.
     
  • The pair finds strong trendline support at 75.25 levels. Breaks below could see test of 75, then 74.45 levels.
     
  • Resistance on the flipside lies at 75.68 (cloud base), ahead of 76 and 76.36 (10-DMA).
     
  • Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-holds-minor-10-DMA-support-at-7645-Techs-point-south-scope-for-7550-188585) has hit all targets.
     

We recommend booking partial profits, lower stops to 75.68, target 75/74.45.
 

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