Description
⋅ NZD/JPY weekly charts show weakness for the pair upto weekly 20-SMA at 79.66.
Weekly 5-DMA at 81.91 is major resistance, break above invalidates bearish bias.
On the daily charts, the pair is trading a narrow range with Doji formation in the Asian session.
Price action slips into daily cloud, below 20 and 5 day MAs.
We see strong trendline support at 80.68, break below will see test of 100-DMA at 79.24.
Support levels - 80.68 (Trendline), 80, 79.66 (Weekly 20-SMA), 79.24 (100-DMA), 78.71 (cloud base)
Resistance levels - 81.66 (5-DMA), 81.76 (50-DMA), 81.91 (Weekly 5-SMA), 82 (20-DMA), 82.40 (Falling trendline)
Good to go short on rallies around 81.40/50, SL: 82.10, TP: 80.70/ 80/ 79.70