2 Jul 2015
NZD/JPY up to test key initial support
FXStreet (Guatemala) - NZD/JPY is currently trading at 82.69 with a high of 83.01 and a low of 82.57.
NZD/JPY has made a significant recovery in Asia from the aforementioned lows that were an extension of overnights price activity, albeit minor in respect of the broader down trend.
NZD/JPY price action
NZD/JPY has been a chop and drift to the downside since Asia peek during yesterday's business, the peak of which was capped at 83.51 until lows reached in the European hand over and the 0.8447 level which has not been revisited since 0.8290's where we have been a double bounce attempt that supply simply brushed off until 0.8258 lows and now we change hands here.
NZD/JPY fundamentals from both sides
Both Japan and NZ have given off a catalyst with Japan and New Zealand suffering to the greenback's domestic accomplishments on the US calendar, but domestically, NZ suffers on ongoing bearishness in the dairy sector while the yen is sure to be on the bid on the back of Japan's giant pension funds ready to invest more aggressively in domestic equities.
NZD/JPY technical levels
NZD/JPY fell short of yesterday and daily lows before demand support the cross but RSI (14), moment indicators and general risk off markets allow for a test to early 2014 lows at 81.41. We are currently testing key initial support on the 0.8310 level.
NZD/JPY has made a significant recovery in Asia from the aforementioned lows that were an extension of overnights price activity, albeit minor in respect of the broader down trend.
NZD/JPY price action
NZD/JPY has been a chop and drift to the downside since Asia peek during yesterday's business, the peak of which was capped at 83.51 until lows reached in the European hand over and the 0.8447 level which has not been revisited since 0.8290's where we have been a double bounce attempt that supply simply brushed off until 0.8258 lows and now we change hands here.
NZD/JPY fundamentals from both sides
Both Japan and NZ have given off a catalyst with Japan and New Zealand suffering to the greenback's domestic accomplishments on the US calendar, but domestically, NZ suffers on ongoing bearishness in the dairy sector while the yen is sure to be on the bid on the back of Japan's giant pension funds ready to invest more aggressively in domestic equities.
NZD/JPY technical levels
NZD/JPY fell short of yesterday and daily lows before demand support the cross but RSI (14), moment indicators and general risk off markets allow for a test to early 2014 lows at 81.41. We are currently testing key initial support on the 0.8310 level.