• NZD/JPY has staged a solid recovery from session lows at 73.82 and is currently hovering around crucial 21-DMA at 74.50.
   
• Technically, we see scope for further downside. Pair capped below 55&110 EMAs.
   
• We have seen a close below 21-DMA on Tuesday and the pair is struggling to push gains above. 
   
• A decisive break above 21-DMA could see pause of downside for the pair. We then see scope for recovery upto 75.60.
   
• On the downside we see major trendline support at 74.00, a close below will drag the pair to 73.40 and then 72.45 levels.
   
• New Zealand posted a larger-than-expected current account surplus of NZD1.306 billion (US$91 million) in Q1 2016, buoying the kiwi.
   
• GDT price index and BoJ policy meeting will be closely watched for further momentum in the pair.
   
• Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-breaks-20-DMA-support-at-7447-stay-short-221239) has almost hit TP2.
   
• We recommend booking partial profits at lows. Hold for further downside. Bearish invalidation above 75 levels.