FxWirePro: NZD/JPY hits new multi-month lows, 74.45 major support, go short on close below
Wednesday, January 20, 2016 7:10 AM UTC
- NZD/JPY earlier today broke major support at 74.45 to hit fresh multi-month lows at 74.30.
- 74.45 is double-bottom (June 2013 and Sept 2015) a strong support levelClose below could see further weakness in the pair, declines till 69.30 then look likely.
- Inverted hammer formation seen on weekly charts, suggesting selling pressure on upticks.
- 75.48 (5-DMA) is immediate resistance on the upside, while 74.05 (Weekly low Jan 21st-25th 2013) is support on the downside.
Recommendation: Go short on close below 74.45, SL: 77, TP1: 71.61, TP2: 69.30
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