Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/JPY edges lower from session highs at 75.70, weakness only below 75.20

  • Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-breaks-strong-trendline-resistance-at-7410-targets-75-192979) has hit all targets.
     
  • NZD/JPY hit fresh weekly high of 75.70, has since pared some gains to currently trade around 75.42 levels.
     
  • Weakness in the Japanese currency and improved market sentiment after stronger than expected Chinese trade data likely to keep the pair supported.
     
  • Uptrend in the pair intact, we see scope for test of 76.17 (61.8% Fib retrace of 78.210 to 72.883 fall).
     
  • Pair now finds immediate support at 75.20 (10-DMA) and then at 75 (session lows). We see weakness only below 75.20.

Recommendation: Book partial profits, raise stops to 75.20, target 76/76.17
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.