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

• 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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