Forex: NZD/JPY below 3 year ask line at 68
FXstreet.com (Barcelona) - Enjoying latest NBNZ Business confidence in NZ, increased for sixth consecutive month, and NZDUSD dealing with weekly highs at 0.8241, along with current Yen weakness, NZDJPY is also higher at 67.65, off recent session highs at 67.77. The cross is 20 pips below starting weekly price or a -0.29% lower, bouncing from yesterday's fresh 5-day lows at 67 round.
Speculation on next elections in Japan for Dec 16 to be won by candidate Shinzo Abe, who is calling for unlimited easing from BoJ till a 2% target on inflation is reached, has been weakening the yen since 2 weeks ago when Japan PM Noda called for the elections. Recent extra comments from Abe today pushed USDJPY to session highs at 82.20, now back again to 82.02.
Immediate support to the downside for NZDJPY lies at past Thursday's highs 67.52, followed by Monday's lows at 67.25, and yesterday's/Friday's lows at 67.06/00. To the upside, nearest term resistance show at recent session/yesterday's highs 67.77/9, followed by Friday's/Monday's highs at 67.98/68.08, and April 02 highs at 68.33.
Speculation on next elections in Japan for Dec 16 to be won by candidate Shinzo Abe, who is calling for unlimited easing from BoJ till a 2% target on inflation is reached, has been weakening the yen since 2 weeks ago when Japan PM Noda called for the elections. Recent extra comments from Abe today pushed USDJPY to session highs at 82.20, now back again to 82.02.
Immediate support to the downside for NZDJPY lies at past Thursday's highs 67.52, followed by Monday's lows at 67.25, and yesterday's/Friday's lows at 67.06/00. To the upside, nearest term resistance show at recent session/yesterday's highs 67.77/9, followed by Friday's/Monday's highs at 67.98/68.08, and April 02 highs at 68.33.
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