FxWirePro: NZD/JPY Breaks Strong Trendline Support at 73.40, Stay Short
- NZD/JPY has breached strong trendline support at 73.40 and has hit session lows of 73.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-rejected-at-days-highs-by-7430-bias-lower-203852) has hit target 1 and is on track for target 2 at 72.90.
- 72.88 is next strong support on the downside, breaks below could see test of 72.72 (Aug 24h lows).
- Resistance on the upside is seen at 73.78 (5-DMA), 74 and then 74.10 (May 5th highs).
- Momentum studies are bearish, we recommend to hold previous short call for targets.