25 Sep 2013
NZD/JPY tumbles after data; on-track to test breakout support at 80.519
FXstreet.com (Barcelona) - The NZD/JPY is continuing to slide for a fourth session following NZD-bearish trade balance data early Wednesday.
NZD/JPY traders finding the data supports the current down trend
NZD/JPY traders continue to sell persistently after the New Zealand trade balance data came out far worse than expected. The gentle drift lower that actually looked quite bullish for confident bulls turned into a cascading action that wiped away much of the confidence the bulls had built up recently.
Technical outlook for NZD/JPY
Support for NZD/JPY comes into play at the previous resistance / breakout point at 80.519 according to technicians. Resistance comes in at 81.32 – Tuesday’s low - and Tuesday afternoon’s peak at 82.08.
NZD/JPY traders finding the data supports the current down trend
NZD/JPY traders continue to sell persistently after the New Zealand trade balance data came out far worse than expected. The gentle drift lower that actually looked quite bullish for confident bulls turned into a cascading action that wiped away much of the confidence the bulls had built up recently.
Technical outlook for NZD/JPY
Support for NZD/JPY comes into play at the previous resistance / breakout point at 80.519 according to technicians. Resistance comes in at 81.32 – Tuesday’s low - and Tuesday afternoon’s peak at 82.08.