FxWirePro: NZD/JPY Rejected at Channel Top, Sell Rallies, Target 73.80

FxWirePro: NZD/JPY Rejected at Channel Top, Sell Rallies, Target 73.80

1 June 2016, 09:23
Roberto Jacobs
0
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FxWirePro: NZD/JPY Rejected at Chann

  • NZD/JPY was rejected at channel top by 75.45 and has slipped lower to hit session lows of 74.44. 
  • Technicals on 4H charts support further downside in the pair, RSI, Stochs biased lower and MACD line shows bearish crossover on signal line. 
  • Pair unable to hold above 50-DMA at 74.93 on Tuesday and has been unable to hold above on the day. 
  • Immediate resistance is seen at 74.93 (50-DMA) and then 75.45 (channel top), while support lies at 74.30 (5-DMA), 74 and then 73.80 (channel base).

Recommendation: Good to sell rallies around 74.65/75, SL: 75.20, TP: 74.30/74/73.80 

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