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FxWirePro: NZD/JPY capped below major trendline resistance at 77.50, upside only on break above

  • NZD/JPY breaks below 5-DMA after being rejected at major trendline resistance at 77.50.
     
  • The pair is trading in a downward trend in a falling triangle pattern.
     
  • Technical studies on daily charts are neutral, and the pair trades with a neutral bias on weekly charts.
     
  • Close above 77.50 could see further upside, while close below 5-DMA at 77.21 raises scope for downside.
     
  • Next major support below 77 handle lies at 76.57 (50% Fib retrace of 69.232 to 83.910 rally).

Support levels - 76.57 (50% Fib retrace of 69.232 to 83.910 rally), 76 (trendline support), 75.62 (Apr 12 low)

Resistance levels - 77.50 (trendline), 77.93 (23.6% Fib retrace of 83.91 to 76.09 fall), 78.50 (50-DMA)

Recommendation: Watch out for close below 5-DMA to go short, target 76.60/ 76/ 75.70.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 20.2901 (Neutral), while Hourly JPY Spot Index was at 104.088 (Bullish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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