- NZD/JPY is extending retrace from recent multi-week highs of 78.21 (Mar 31st).
- Daily price action has dipped below the cloud and major moving averages are biased lower.
- Momentum studies supported by Stochs, RSI and MACD are pointing south.
- The pair finds strong trendline support at 75.25 levels. Breaks below could see test of 75, then 74.45 levels.
- Resistance on the flipside lies at 75.68 (cloud base), ahead of 76 and 76.36 (10-DMA).
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-holds-minor-10-DMA-support-at-7645-Techs-point-south-scope-for-7550-188585) has hit all targets.
We recommend booking partial profits, lower stops to 75.68, target 75/74.45.
