- NZD/JPY upside stalls at strong trendline resistance, pair slips below 5-DMA support at 75.52.
- Daily cloud (currently spanning 76.25 - 78.28) also strong resistance for upside in the pair.
- Major moving averages and Stochs are biased lower, we see scope for test of 75 and further weakness could see 74.50.
- Resistances for the pair are aligned at 75.70 (10-DMA), 76 and the 76.15 (falling trendline).
- On the downside supports are located at 75 (Double bottom Mar 3rd & Feb 18th), 74.45 (Double bottom Feb 17th & 25th), 74.30 (trendline).
Recommendation: Good to sell rallies around 75.30/35, SL: 75.70, TP: 75/74.45
