FxWirePro: NZD/JPY upside stalls at 76.42, bias higher, test of 77 levels likely
Thursday, March 17, 2016 7:31 AM UTC
- NZD/JPY upside temporarily stalls at 76.42, bias higher, scope for test of 77 levels seen.
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-holds-minor-support-at-7443-upside-could-test-7545-179317) has hit all targets. Low risk traders can book profits and exit trade.
- Disappointing wage negotiation results and recent weakness in Japanese economic data point to a high possibility of additional BOJ easing as early as April.
- BOJ Governor Kuroda said on Wednesday that exports and production are showing weakness, and repeated that the BOJ would ease without hesitation if needed.
- We see scope for further upside in the pair. Weakness to resume only on breaks below 75.60. Pair could then test 73.55 levels.