Forex: Top-heavy NZD/JPY rests around 65.30
Forex pairs in this Article »
NZD/JPY
FXstreet.com (San Francisco) - NZDJPY is now trading around the 65.30 mark after dipping to fresh weekly lows, underpinned by surprisingly negative NZ jobs data, which pulled spot sharply away from a key 78.6% Fibonacci retracement level at 66.70 (69.10/57.93 drop).
Immediate support comes in at 65.10 (Oct 5 high), then 64.85 (61.8%) and 64.70 (50-day EMA; Aug 21 high). Upside rallies may find resistance in the 65.85 price zone (intraday) then 66.00 (figure).
Also, worthy of note from a technical perspective, NZDJPY is retreating from the upper boundary of channel resistance and potentially has room for further downward corrective price action in the days and weeks ahead. The lower boundary of channel support comes in today around 63.55 (July 25/Sep 5 troughs).
Immediate support comes in at 65.10 (Oct 5 high), then 64.85 (61.8%) and 64.70 (50-day EMA; Aug 21 high). Upside rallies may find resistance in the 65.85 price zone (intraday) then 66.00 (figure).
Also, worthy of note from a technical perspective, NZDJPY is retreating from the upper boundary of channel resistance and potentially has room for further downward corrective price action in the days and weeks ahead. The lower boundary of channel support comes in today around 63.55 (July 25/Sep 5 troughs).
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