FxWirePro: NZD/JPY struggles to hold break above trendline, breaks below 5-DMA at 80.38

• NZD/JPY has failed to hold break above trendline resistance at 80.42, has edged lower to currently trade at 80.29.
   
• The pair remains capped at 61.8% Fib of 83.80 to 75.62 fall at 80.68 and has broken below 5-DMA.
   
• RSI and Stochs are on verge of rollover from overbought levels and that along with decisive close below 5-DMA will see drag lower.
   
• Upside finds next major resistance at 78.6% Fib at 81.91.
   
• We see major long-term reversal only on break below 77.56 (weekly 100-SMA).

Support levels - 79.81 (June 16 low), 78.97 (June 15 low), 78.75 (38.2% Fib)

Resistance levels - 80.38 (5-DMA), 80.68 (61.8% Fib), 81.11 (June 20 high)

Recommendation: Bias higher, stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 0.6098 (Neutral), while Hourly JPY Spot Index was at 102.285 (Bullish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.