FxWirePro: NZD/JPY hovers around 20-DMA at 82.50, bias lower

• NZD/JPY hovers around 20-DMA at 82.50, extends range trade above weekly 200-SMA.
• 'Bearish Bat Pattern' on daily charts raises scope for downside in the pair.
• Break below weekly 200-SMA at 82.27 will accentuate weakness.
• Technical indicators support downside in the pair, Stochs and RSI are biased lower.
• Doji and spinning top formations on weekly charts add to downside bias. RSI on the weeklies has also turned south.

Support levels - 82.27 (Weekly 200-SMA), 81.62 (23.6% Fib retrace of 76.270 to 83.272 rally), 80.66 (Feb 9th low)

Resistance levels - 82.60 (5-DMA), 83, 83.27 (July 13 high)

Recommendation: Watch out for break below weekly 200-SMA to go short.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 5.14025 (Neutral), while Hourly JPY Spot Index was at 163.347 (Bullish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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