FXWIREPRO: NZD/JPY Breaks Strong Support at 74.25, Targets 73.55
- NZD/JPY has breached strong trendline support at 74.25, we see scope for test of 73.55 levels.
- Price action in the pair has dipped below daily cloud. 5-DMA has shown a bearish crossover on 10-DMA.
- Stochs are biased lower, but have approached oversold levels so advise caution.
- RSI is biased south and the MACD line shows a bearish crossover on the signal line.
- Immediate support for the pair is seen at 74.20 (Feb 29th lows) ahead of 73.94 (Mar 1st lows).
- On the flipside resistance is seen at 75 (session highs), 75.40 (trendline support turned resistance) and 75.48 (5-DMA).
Recommendation: Good to sell rallies around 74.55/60, SL: 75.40, TP: 74/73.65/73.55
The material has been provided by InstaForex Company - www.instaforex.com