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Short

NZD/JPY TP hit, break below 74.47 to see test of 74, stay short

FX:NZDJPY   New Zealand Dollar / Japanese Yen
88 0 6
NZD/JPY extends its corrective slide as risk-off trades intensified following the release of below estimates Chinese economic data.

Data released earlier today ahowed China industrial production rose 6.0% y/y in May, same as seen a month before and lower than the forecast of 6.1%.

Retail sales rose 10.0% y/y last month, missing expectations of a 10.1% increase. While fixed asset investment rose 9.6% y/y in May, down from 10.5% in April, and the slowest rate on record.

Our previous call (link below) has hit all targets.

Techs support downside - Bollinger bands are widening, Stochs and RSI biased lower.

Pair finds major support at 74.47 (20-DMA), break below to see test of trendline support at 74 and then lower bollinger band at 73.40.

Book partial profits at around 74.50 levels, lower trailing stop to 75.20, target 74/73.40
Comment: Next target at 74 hit. Pair edges higher from session lows at 74.01, bias lower
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