5-DMA caps upside in NZD/JPY, good to sell rallies

FX:NZDJPY   New Zealand Dollar/Japanese Yen
119 0 9
NZD/JPY on track for a second week of losses, as Yen appreciation continues unabated, markets ignore verbal intervention efforts by BoJ authorities.

Chatter regarding BOJ intervention, in a bid to halt the yen appreciation, has started doing the rounds again.

The pair saw upticks to 75.89, but the pair has edged lower to currently trade at 75.16.

5-DMA is strong resistance on the upside, capping gains in the pair, any bullishness can be seen only on breaks above.

Downside looks vulnerable, momentum is with the bears, RSI and Stochs are biased lower, tests of 73 levels likely.

Markets continue to track the headlines from Japan and the BOJ for fresh incentives on the Yen.

We would sell rallies around 75.40, SL: 76, TP: 74.45/73.65/73.20

Resistance Levels:

R1: 75.87 (5-DMA)

R2: 76.0 ( Double top - Feb 11th and Jan 18th)

R3: 76.78 (Feb 10th highs)

Support Levels:

S1: 74.45 (Sept 7th lows)

S2: 73.65 (Jan 20th lows)

S3: 73.20 (Feb 11th lows)
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