NZD/JPY lost upside momentum and retreated after hitting 74.03. That also came after hitting 61.8% projection of 63.45 to 71.66 from 68.86 at 73.93, as well as 73.53 medium term resistance. Considering bearish divergence condition in 4 hour MACD, a short term top was likely in place. Break of 72.79 support will confirm and bring deeper pull back towards 55 day EMA.
That would also come with bearish divergence condition in daily MACD, suggesting that NZD/JPY is in correction to the whole five wave sequence from 59.49. In that case, sustained break of 55 day EMA would bring deeper fall to 68.86 support at least. Nevertheless, break of 74.03 should bring up trend resumption to 100% projection at 77.07 instead.
