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