NZD/JPY strong support at 75.35, weakness only on breaks below

NZD/JPY edges lower on the day as BoJ holds policy rates unchanged and turned out surprisingly hawkish.

Downside in the pair is holding strong trendline support at 75.35, we see weakness only on breaks below.

Technicals on the 4 hourly charts indicates further downside, breaks below 75.35 could see test of 75 and then 74.40.

On the upside, the pair finds immediate resistance at 75.80 (5 DMA) ahead of 76.08 (session highs).

Good to short on breaks below 75.35, SL: 75.80, TP: 75/74.50/74.40

Trade closed: target reached