NZD/JPY is back on our radar. We were looking for a possible break below the trendline. It did happen, and we managed to see a big move 2.4% lower, but have recovered. The pair is back testing the underside of the trendline and the 50-day moving average. Resistance overnight could be at the 78.67 level, which may offer strong resistance near term. For aggressive short players, a good risk-reward short back below the 77.00 level may be a setup.