NZD/JPY capped at 55-EMA, go short on break below 1H 200-SMA

FX:NZDJPY   New Zealand Dollar / Japanese Yen
NZD/JPY capped at 55-EMA, extends weakness for 2nd straight session.
The Kiwi has been struggling to get support on the back of New Zealand GDP miss.
While on the other side, demand for the Japanese yen rises on risk off sentiment.
Price has dipped below 5-DMA support at 77.80, close below could see further weakness.
Scope then for test of major trendline support at 76 levels. Violation at 76 ( trendline ) could see major weakness.
On the flipside, breakout above 55-DMA could see next major resistance at daily cloud. Breakout above daily cloud invalidates bearish bias.

Support levels - 77.46 (1H 200-SMA), 77.35 (Oct 31 low), 76.93 (Dec 7 low), 76 ( trendline )
Resistance levels - 77.76 (5-DMA), 78, 78.55 (55-EMA), 78.95 (cloud base)

Watch out for close below 1H 200-SMA to go short. Place stops at 78.55, target 77.35/ 77/ 76.
Mar 16
Comment: TP1/2 hit.
Mar 21
Comment: All targets hit.
Focus on RBNZ for further direction.
Technicals heavily bearish.
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