NZDJPY was struggling to reclaim the 75 handle today after dipping to a 2-week low of 73.53 yesterday. The pair has been drifting lower after its attempt to correct the December-January downtrend came to a halt at 79.37. It has since touched a fresh 6-month low of 73.16 and continues to face downside pressure.
Both the RSI and the MACD remain in negative territory, although there appears to be some signs of levelling off in both charts. The nearest support lies at 74, while further down, a break below the February 11 low of 73.16 would increase the downside bias.
Prices remain a long way below the moving averages and the recent bearish cross of the 50- and 100-day moving averages only adds to the negative outlook. The pair would need to challenge 75.60, a recent closing resistance level, to gain significant upside momentum to weaken the current bearish bias.
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