19 Jul 2013
NZD/JPY contained below key Fibo area around 78.50
FXstreet.com (Barcelona) - The NZD/JPY foreign exchange cross rate is last trading at fresh weekly highs around the 79.50 mark, up +2.79% for the week on the back of combined broad Yen weakness and Kiwi strength.
NZD/JPY at a crossroads
The cross pares all loses from last week's fresh 1-month highs at 79.76 printed on early Tuesday NY session, capped at exactly the 38.2% Fibo retracement of latest daily down leg from April-May highs around 84.90, to mid June year to date lows at 74.50. Mentioned ask line worked as resistance also all the way from past February to early April, when broke to recent multi-year highs on the back of BoJ easing monetary policy.
NZD/JPY key technical levels
Immediate resistance to the upside for NZD/JPY shows at recent session highs 79.55, followed by July 09 highs at 79.74, and April 16 lows at 80.49. To the downside, closest support lies at recent session lows/July 11 highs 79.14/05, followed by Wednesday's highs at 78.95, and yesterday's lows at 78.45.
NZD/JPY at a crossroads
The cross pares all loses from last week's fresh 1-month highs at 79.76 printed on early Tuesday NY session, capped at exactly the 38.2% Fibo retracement of latest daily down leg from April-May highs around 84.90, to mid June year to date lows at 74.50. Mentioned ask line worked as resistance also all the way from past February to early April, when broke to recent multi-year highs on the back of BoJ easing monetary policy.
NZD/JPY key technical levels
Immediate resistance to the upside for NZD/JPY shows at recent session highs 79.55, followed by July 09 highs at 79.74, and April 16 lows at 80.49. To the downside, closest support lies at recent session lows/July 11 highs 79.14/05, followed by Wednesday's highs at 78.95, and yesterday's lows at 78.45.