- NZD/JPY hits fresh 2-month lows at 76.61, eyes channel base at 76.30.
- We see further weakness only on decisive break below channel base.
- Momentum studies are bearish, and we see continuance of -ve DMI dominance and rising ADX supports trend.
- Price has broken support at 78.6% Fib at 77.26 and is currently hovering around 88.6% Fib levels.
- Downside now eyes channel base at 76.30. Further weakness only on break below.
- On the upside, 5-DMA at 77.47 is immediate resistance, break above could see test of 20-DMA at 78.58.
Support levels - 76.61 (88.6% Fib), 76.30 (channel base), 76.09 (Nov 20 low)
Resistance levels - 77.26 (78.6% Fib), 77.47 (5-DMA), 78.18 (61.8% Fib), 78.58(20-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-JPY-extends-break-below-daily-cloud-on-track-to-test-786-Fib-at-7726-stay-short-1168197) has hit TP1/2/3.
Recommendation: Book partial profits at lows. Bias bearish, stay short for .
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