FXWIREPRO: NZD/JPY Edges Lower from Session Highs at 75.70, Weakness Only Below 75.20
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-breaks-strong-trendline-resistance-at-7410-targets-75-192979) has hit all targets.
- NZD/JPY hit fresh weekly high of 75.70, has since pared some gains to currently trade around 75.42 levels.
- Weakness in the Japanese currency and improved market sentiment after stronger than expected Chinese trade data likely to keep the pair supported.
- Uptrend in the pair intact, we see scope for test of 76.17 (61.8% Fib retrace of 78.210 to 72.883 fall).
- Pair now finds immediate support at 75.20 (10-DMA) and then at 75 (session lows). We see weakness only below 75.20.
Recommendation: Book partial profits, raise stops to 75.20, target 76/76.17
The material has been provided by InstaForex Company - www.instaforex.com