NZDJPY: Bearish Bias Persists — Sell Rallies Near 90 Targeting 88 
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Pair is well supported above 117.00 marks. It made intraday high at 118.24 and low at 117.33 levels.
- A break of 117.05 is necessary to confirm the bearish trend and below this major support falls at 117.85 levels.
- On the top side, a daily close above 118.31 levels is required to confirm the trend reversal.
- Initial support levels are seen at 116.59, 117.85 and 113.59 thereafter.
- On the top side, resistance levels are seen at 118.31, 119.59 and 121.31 levels.
We prefer to take short position in USD/JPY around 117.75, stop loss 118.31 and target 115.65 levels.
