FxWirePro: Sell NZD/JPY rallies, bearish invalidation only above 20-DMA at 74.17

• Data released earlier today showed a drop in the trade surplus. Fall in exports underscores weakness in the economy and only adds to the bets of RBNZ rate cut in August.
   
• NZD/JPY breaks major trendline support and is trading below 21-DMA currently at 74.17.
   
• Momentum studies are bearish, we see scope for test of 71.20 levels.
   
• Bearish invalidation only on break above 20-DMA at 74.17 levels, upside would then see test of 75.20.
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Recommendation: Good to sell rallies around 73.50, SL: 74.20, TP: 73/ 72.60/ 72.30