6 Nov 2013
NZD/JPY retracing from 14-day peaks; struggles to keep 82.30 zone
FXstreet.com (Chicago) - NZD/JPY reached 82.52 2-week highs shortly after the release of NZ data that was better than expected, triggering a strong positive reaction among market participants.
NZD/JPY Technical Levels
Offered at 82.31, the pair navigates between the supports aligned at 82 (November 4th lows), 81.59 (October 31st highs) ahead of 81.19 (November 4th highs) and the resistances set at 82.35 (October 24th highs), 82.80 (October 21st lows) followed by 83.29 (October 18th highs). Hourly and 4HR charts evidence the formation of a bullish channel that started about a week ago. On daily charts, the pair flows around the 23.6% Fibonacci level (75/83.60) with the confirmation of a bullish momentum by primary, secondary and short-term trends despite the intraday price action.
NZD/JPY Technical Levels
Offered at 82.31, the pair navigates between the supports aligned at 82 (November 4th lows), 81.59 (October 31st highs) ahead of 81.19 (November 4th highs) and the resistances set at 82.35 (October 24th highs), 82.80 (October 21st lows) followed by 83.29 (October 18th highs). Hourly and 4HR charts evidence the formation of a bullish channel that started about a week ago. On daily charts, the pair flows around the 23.6% Fibonacci level (75/83.60) with the confirmation of a bullish momentum by primary, secondary and short-term trends despite the intraday price action.