NZD/JPY rejected at channel top, sell rallies, target 73.80

NZD/JPY was rejected at channel top by 75.45

RSI, Stochs and MACD support downside

Pair unable to hold above 50-DMA at 74.93

Good to sell rallies around 74.65/75, SL: 75.20, TP: 74.30/74/73.80

Kommentera:

TP1&2 achieved, book partial profits.

The pair hit session lows at 74.07 and is currently trading around 74.19 levels.

50-DMA (74.90) weighs on the upside, bearish invalidation only on break above.

Techs support further downside. Break below 10-DMA at 74.26 seen.

Major resistance is seen at 74.90 (50-DMA) and then 75.55 (channel top), while support lies at 74 and then 73.80 (channel base).

Recommend holding for further downside.

Trade stängt: målet nått:

Targets almost hit @ 74.81. Pair see bounce off channel base. Exit trade

Kommentera:

Corrected: Lows of 73.81 hit (not 74.81)