• NZD/JPY was rejected at stiff resistance at 74.50, further gains only on break above.
   
• RBNZ Q2 2-year inflation expectations gauge weighed negatively on the sentiment around the NZD.
   
• Momentum studies are neutral, but Stoch and MACD support upside in the pair.
   
• Breaks above 74.50 could take the pair to next resistance at 75.21 (55-EMA) and then 75.54 (cloud base).
   
• Supports on the downside are located at 74 (5-DMA), 73.87 (10-DMA) and then 73 levels.