NZD/JPY Technical Analysis: Failure to confirm “rising wedge” highlights 75.85 resistance

NZD/JPY daily chart

• NZD/JPY is on bid around 75.60 during the early Asian session on Monday.
• The pair failed to offer a daily closing under two-month-old “Rising Wedge” bearish formation in spite of slipping beneath the support on Friday.
• Considering recent pullback, the quote may revisit Thursday’s high around 75.85 if managed to sustain the bounce.
• In case prices rally beyond 75.85 immediate resistance, 76.30 and the pattern resistance near 76.80 could please buyers.
• Alternatively, the chart pattern support of 75.45 acts as nearby rest to watch, a break of which can drag the pair to 200-day simple moving average (SMA) figure of 75.10 in order to validate the downside.
• Should sellers manage to conquer 75.10, 74.50 and 73.60 may provide intermediate halts during a south-run to 71.50.

NZD/JPY 4-Hour chart

• A downward sloping trend-line connecting early-month highs also signifies the importance of 75.85 resistance, clearance of which can propel the pair to 76.20 and a late-February high around 76.55.
• 75.00 and 74.50 seem nearby strong supports on H4.

NZD/JPY hourly chart

• 75.20 is likely a close support ahead of 75.00 whereas 61.8% Fibonacci expansion of present month moves, at 74.80, may challenge sellers afterward.