Forex: NZD/JPY decline stalls at tendline support

FXstreet.com (San Francisco) - NZDJPY has maintained its downward tendencies and appears to have scope for further weakness. The cross fell to a fresh five-week low on Wednesday partly largely due to concerns about China which weighed on commodity-linked currencies. From an earlier intraday high of 63.33, price extended as low as 62.91 before closing the North American session down around 25 pips to 63.02, its sixth straight day of creeping deeper in red. Higher timeframes show that the NZDJPY decline has stalled just above trendline support at 62.85, measured from the trough of June 1 (57.97) to that of July 25 (60.94).