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- NZD/JPY edges lower on the day as BoJ holds policy rates unchanged and turned out surprisingly hawkish.
- Downside in the pair is holding strong trendline support at 75.35, we see weakness only on breaks below.
- Technicals on the 4 hourly charts indicates further downside, breaks below 75.35 could see test of 75 and then 74.40.
- On the upside, the pair finds immediate resistance at 75.80 (5 DMA) ahead of 76.08 (session highs).
Recommendation: Go short on breaks below 75.35, SL: 75.80, TP: 75/74.50/74.40
