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FxWirePro: NZD/JPY holds support at 21-EMA, good to go short on break below

NZD/JPY chart on Trading View used for analysis

  • NZD/JPY trades 0.17% higher on the day at 77.59 at the time of writing.
     
  • The pair has held support at 21-EMA on Thursday's trade and edged higher.
     
  • Break below 21-EMA will see weakness. Scope for dip till 200-DMA at 75.75.
     
  • Technical studies on weekly charts is biased higher. But we see some weakness on the dailies.
     
  • Price action has broken below 5-DMA and 5-DMA has turned. RSI and Stochs are biased lower after rollover from overbought levels.
     
  • We see bearish divergence on RSI and Stochs which adds to the bearish bias.

Support levels - 77.19 (21-EMA), 76.26 (Nov 26 low), 75.75 (200-DMA)

Resistance levels - 78 (5-DMA), 78.86 (Dec 4 high), 79

Recommendation: Good to go short on break below 21-EMA, SL: 78, target 76.30/ 76/ 75.75

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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