NZD/JPY is down over 2% to 76.35 currently
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.
