NZD/JPY extending downside for 3rd consecutive session, slips below 83 handle.
Technical indicators have turned bearish, RSI and Stochs biased lower.
The pair has broken below 5-DMA which caps upside at 83.20.
We have observed bearish divergence on RSI and Stochs on daily charts.
The pair currently finds strong support at 20-DMA at 82.72, we see further weakness on break below.
Support levels - 82.72 (20-DMA), 82.28 (weekly 200-SMA), 81.95 (23.6% Fib retrace of 75.626 to 83.910 rally)
Resistance levels - 83.20 (5-DMA), 83.90 (trendline), 83.80 (Jan 27 high)
Good to go short on break below 20-DMA at 82.72, SL: 83.20, TP: 82.30/ 82/ 81.70
Technical indicators have turned bearish, RSI and Stochs biased lower.
The pair has broken below 5-DMA which caps upside at 83.20.
We have observed bearish divergence on RSI and Stochs on daily charts.
The pair currently finds strong support at 20-DMA at 82.72, we see further weakness on break below.
Support levels - 82.72 (20-DMA), 82.28 (weekly 200-SMA), 81.95 (23.6% Fib retrace of 75.626 to 83.910 rally)
Resistance levels - 83.20 (5-DMA), 83.90 (trendline), 83.80 (Jan 27 high)
Good to go short on break below 20-DMA at 82.72, SL: 83.20, TP: 82.30/ 82/ 81.70
Comment:
TP1&2 hit. Bias lower.
Comment:
Hit lows of 81.76, bias lower.
Pair breaks below 20-DMA.