1 Aug 2013
NZD/JPY bouncing from 8-weeks lows
FXstreet.com (Chicago) - NZD/JPY bounced from 8-weeks lows at 77.561 as Asian journey continued to advance.
Price action indicated potential reversal as price bounced at potential completion of steady cascade that started last week.
Trading at 78.18, the price navigated between supports at 77.170 (June 14 highs), 77.562 (July 10 highs), 77.954 (July 1 highs) and resistances at 78.463 (July 5 highs), 78.777 (July 17 highs), 79.130 (July 20 lows). The FXstreet technical analysis team indicated pair was slightly bearish on one-hour timeframe analysis as price traded below EMA5 and EMA50 along a Momentum indicator pointing down.
Price action indicated potential reversal as price bounced at potential completion of steady cascade that started last week.
Trading at 78.18, the price navigated between supports at 77.170 (June 14 highs), 77.562 (July 10 highs), 77.954 (July 1 highs) and resistances at 78.463 (July 5 highs), 78.777 (July 17 highs), 79.130 (July 20 lows). The FXstreet technical analysis team indicated pair was slightly bearish on one-hour timeframe analysis as price traded below EMA5 and EMA50 along a Momentum indicator pointing down.