FxWirePro: NZD/JPY fails at 100-DMA, good to go short on break below 77.85

• NZD/JPY fails at 100-DMA, retraces break above, slips lower with gravestone Doji formation.
   
• Price action has slipped below 5-DMA and has failed to hold above daily cloud.
   
• Momentum studies are bearish, RSI is below 50-levels and MACD is below zero.
   
• Pair finds minor support on the downside are seen at 77.85 (trendline). Break below will see test of 77.26 (78.6% Fib) and then major trendline at 76.40.
   
• On the flipside, breakout at 100-DMA could see further upside. Scope then for test of 81.15 (major trendline).

Support levels - 77.85 (trendline support), 77.26 (78.6% Fib), 76.40 (major trendline)

Resistance levels - 78.54 (5-DMA), 79.01 (100-DMA), 79.16 (20-DMA), 79.47 (38.2% Fib)

Recommendation: Good to go short on break below 77.80, SL: 78.70, TP: 77.30/ 77/ 76.40.

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