FxWirePro: NZD/JPY daily outlook

NZD/JPY chart - Trading View 

NZD/JPY is extending weakness for the 4th straight session.

The pair was trading at 72.28 at 02:30 GMT, down 0.14% at the time of writing.

Price action has resumed weakness after failure to break out of daily cloud.

Major trend is bearish. 'Shooting Star' pattern formed at highs raises scope for further downside.

Stochs have rolled over from overbought levels and RSI is biased lower. Minor pullback seems to have fizzled out.

The pair finds strong support at 72.29 (nearly converged 21 and 55 EMAs). Break below will see downside resumption.

Little support seen till Lower Bollinger band at 71.74. Further weakness could take the pair to 70.26 (June lows).

Breakout above could will negate any bearish bias. Scope for upside till 200-DMA.

Support levels - 72.29 (nearly converged 21 and 55 EMAs), 72, 71.74 (Lower BB)

Resistance levels - 72.52 (5-DMA), 73 (110-EMA), 73.24 (July 22 high)

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