NZD/JPY sees strong downside bias, good to sell rallies
NZD/JPY price action breaks below daily cloud and bias is strongly to the downside.
The pair has broken strong trendline support at 75.70 on Thursday's trade.
On daily charts Stochs are biased lower, and 5-DMA is showing a bearish crossover on 10-DMA.
RSI is in neutral territory, but with a downside bias and MACD line also shows a bearish crossover on the signal line.
The pair finds immediate resistance at 75.15 (4H 5-SMA), while support is seen at 74.62 (Mar 16th lows).
Good to sell rallies around 75 levels, SL: 75.60, TP: 74.40/74.15/74
The pair has broken strong trendline support at 75.70 on Thursday's trade.
On daily charts Stochs are biased lower, and 5-DMA is showing a bearish crossover on 10-DMA.
RSI is in neutral territory, but with a downside bias and MACD line also shows a bearish crossover on the signal line.
The pair finds immediate resistance at 75.15 (4H 5-SMA), while support is seen at 74.62 (Mar 16th lows).
Good to sell rallies around 75 levels, SL: 75.60, TP: 74.40/74.15/74
Trade closed: target reached