NZD/JPY breaks strong support at 74.25, targets 73.55

NZD/JPY has breached strong trendline support at 74.25, we see scope for test of 73.55 levels.

Price action in the pair has dipped below daily cloud. 5-DMA has shown a bearish crossover on 10-DMA.

Stochs are biased lower, but have approached oversold levels so advise caution.

RSI is biased south and the MACD line shows a bearish crossover on the signal line.

Immediate support for the pair is seen at 74.20 (Feb 29th lows) ahead of 73.94 (Mar 1st lows).

On the flipside resistance is seen at 75 (session highs), 75.40 (trendline support turned resistance) and 75.48 (5-DMA).

Good to sell rallies around 74.60/70, SL: 75.40, TP: 74/73.65/73.55

Transaction en cours:

All targets hit. Pair has hit lows of 72.89 and is currently trading around 73.53.

Momentum with the bears. Book partial profits, lower trailing stops to 74.10, target 72.40