Forex: NZD/JPY moving downhill toward channel support near 63.70
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NZD/JPY
FXstreet.com (San Francisco) - For the past few days, NZDJPY has been consolidating around a 61.8% Fibonacci retracement at 64.80 (69.10/57.93 decline) following a sharp pull back from recent 7-month highs (66.75) and from the 78.6% Fibonacci level of mentioned decline.
The 50-day EMA is currently supporting price with further support noted at 64.25 (100-day EMA). If spot manages to extend its decline below there, rising channel support (drawn from the trough of July 25 to that of Sep 5) is likely to attract decent bids, today around 63.70.
So far today, NZDJPY has found some decent buying interest on the back of investor tolerance for risk (JPY negative) in light trading in Asia, last at 64.95, 20 pips above its starting price. If the upward momentum continues in the hours ahead, 65.20 (Tuesday's peak) is the first level to overcome in order for a test of offers around 65.70 (Sep 19 high) to be realized. Further resistance is noted at 66.15 (Oct 25 high).
The 50-day EMA is currently supporting price with further support noted at 64.25 (100-day EMA). If spot manages to extend its decline below there, rising channel support (drawn from the trough of July 25 to that of Sep 5) is likely to attract decent bids, today around 63.70.
So far today, NZDJPY has found some decent buying interest on the back of investor tolerance for risk (JPY negative) in light trading in Asia, last at 64.95, 20 pips above its starting price. If the upward momentum continues in the hours ahead, 65.20 (Tuesday's peak) is the first level to overcome in order for a test of offers around 65.70 (Sep 19 high) to be realized. Further resistance is noted at 66.15 (Oct 25 high).
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