NZD/JPY shrugs off unchanged OCR, breach below supports and DMAs

FX:NZDJPY   New Zealand Dollar / Japanese Yen
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NZD/JPY shrugs off unchanged OCR, breach below supports and DMAs stimulate bears interest - Bets on one touch binaries:

NZDUSD             fell about 28 pts to 0.7332, while the two-year swap rate fell 4bp to 2.04%. After the central bank’s Market pricing for a November OCR cut has risen to around a 70% chance.

But NZDJPY             seems to be an exception to reflect RBNZ's policy inaction but discounts its statement (MPS) in which they stated that the NZ             dollar has risen more than expected.

Consequently, the pair began dipping consistently from this week’s highs of 74.884 levels to the current 73.581 levels, that's where it has struggled to hold onto the bull swings and appeared shooting star pattern candle. Bears have again been active to push back southwards below 7DMA for now (see daily chart ).

Breach of strong supports of 73.808 to bring in more bearish environment, Use rallies for fresh shorts.

Bearish crossover occurs on moving averages (7DMA crosses below 21DMA), Shooting Star appears at 74.362 levels as a confirmation.

While RSI and stochastic oscillators have been consistently converging downwards to the price dips on both EOD             as well as monthly graphs, subsequently, MACD on both time frames signal bearish trend to prolong ahead.

On monthly charts, the price declines consistently below EMAs and more slumps likely as spinning top and doji appear with huge volumes.

Most importantly, the massive volumes on declining streaks are in conformity to the strong downtrend.

Hence, we could foresee more dips up to the next support only at 73.272 levels and upon breach this level, bears may even drag up to 72.239 levels again.

Trade tips:

Hence, at spot ref: 73.583 (while articulating) we advocate one touch binary puts for intraday speculators in an on-going bearish environment that is likely to fetch certain yields.
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