FxWirePro: NZD/JPY attracts selling interest, 38.2%fib eyed

• NZD/JPY declined sharply on Friday as the yen strengthened after former defense minister Shigeru Ishiba secured leadership of Japan’s ruling party.

• On the data front, Tokyo’s core inflation rate, an important indicator of nationwide price trends, eased to 2% in September, down from 2.4% in August.

• The NZD/JPY dipped 1.56% at 90.19 on Friday after rising to as high as 92.40 per  earlier in the session.

•  The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains  .
 
•  Immediate resistance is located at 91.84(23.6%fib), any close above will push the pair towards 92.40 (Daily high).

•  Support is seen at 90.17 (38.2%fib) and break below could take the pair towards 89.00(Psychological level).

 Recommendation: Good to sell around 90.20 with stop loss of 91.00 and target price of 89.30