FxWirePro: NZD/JPY fails at daily cloud, downside resumption likely on break below
Source: FxWire Pro - Technicals / 03 Jul 2019 08:23:51 Europe/London
NZD/JPY chart - Trading View
NZD/JPY fails to extend break above cloud base, edges lower from 8-week highs at 72.93.
The pair has slipped below 55-EMA and 5-DMA supports, scope for further downside.
RSI has turned and Stochs are on verge of rollover from overbought levels.
Strong support seen till 71.40, break below will see further downside.
Price action has paused 2 straight weeks of gains. Retrace till 70.26 (June 18 low) likely.
Major trend has been bearish and we see bearish invalidation only above cloud.
Support levels - 71.62 (21-EMA), 71. 70.26 (June 18 low)
Resistance levels - 72.17 (5-DMA), 72.93 (July 1st high), 73.22 (110-EMA)
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