NZD/JPY upside reversal confirmed yet pair capped at 77.49

FXstreet.com (Chicago) - NZD/JPY advanced to 77.49 intraday highs to retrace after upside reversal confirmation was revealed by price action. The pair touched bottom yesterday hitting 76.42 2-week lows.

The yen is trading weaker across the currency market ahead of BoJ Kuroda’s talk at Jackson Hole later today. No major data releases are set for today but the attention remains on Kansas City’s gathering.

Price action indicates the pair sustains yesterday’s gains to trade at 77.42 between supports at 77.17 (August 1st lows), 76.87 (August 8th highs) ahead of 76.58 (August 7th lows) and resistances at 77.74 (August 11th highs), 78.00 (July 31st lows) followed by 78.26 (August 17th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, trading above the EMA20 after a double top that failed to break trough.