NZD/JPY plunges by more than 2% as the kiwi freefalls, yen strengthens

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NZD/JPY is down over 2% to 76.35 currently

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Much like how the technical picture in NZD/USD is looking poor, NZD/JPY is also not spared from that as the pair hints at a double top pattern around 79.00.

The rejection there adding to the break of support below the 26 February low @ 76.98 is giving sellers added momentum in chasing a break lower in the pair.

With NZD/USD not showing much support until 0.7000, NZD/JPY sits in a similar spot now as the pair sees little reprieve until getting to the 38.2 retracement level @ 75.26.

Just below that, the key trendline support and 100-day moving average (red line) @ 74.79-80 will be ones to watch in trying to limit further downside momentum in the pair.

Even if it does not really feel like it, the market is adopting a more risk averse tone in trading today despite recovering after the jittery start yesterday.

This article was originally published by Forexlive.com. Read the original article here.