NZDJPY Bearish Breakdown: Why Selling the Rallies is the Strategic Play 
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- Major resistance- 0.9700 (55 day 4 H EMA)
- Major support - 0.9630 (trend line joining 0.9493 and 0.9584)
- The pair has broken major support 0.9630 and declined till 0.9606. It is currently trading around 0.96240.
- Short term trend is slightly bearish as long as resistance 0.9700 holds. Any violation above 0.9700 will take the pair to next level till 0.9760/0.9800.
- On the lower side any break below 0.9630 will drag the pair down till 0.9575/0.9500.
- Short term trend reversal only below 0.9500 level.
It is good to sell on rallies around 0.9650 with SL around 0.9700 for the TP of 0.9575/0.9500.
