FxWirePro: NZD/JPY Holds Major Trendline Support at 73.75, Weakness Only on Break Below

FxWirePro: NZD/JPY Holds Major Trendline Support at 73.75, Weakness Only on Break Below

6 June 2016, 10:25
Roberto Jacobs
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FxWirePro: NZD/JPY Holds Major Trendline Support at 73.75, Weakness Only on Break Below

  • NZD/JPY remains capped below 50-DMA currently at 74.83. 
  • The pair is trading a narrow range on the day, Doji formation seen on the day till now. 
  • NZD/JPY holding strong trendline support at 73.75, break below will see further weakness. 
  • Downside below 73.75 finds support at 73.54 (Feb 24th lows), 73.20 (Feb 11th lows) and 72.88 (Apr 7th lows). 
  • On the flipside resistance is seen at 74.83 (50-DMA), 75 (trendline) and 75.41 (June 1st highs). 
  • RBNZ’s meeting this week (which will be accompanied by a full Monetary Policy Statement) is a major event risk.

Recommendation: Good to go short on break below 73.75, SL: 74.25, TP: 73.20/73/72.85 

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