2 Sep 2013
NZD/JPY posts fresh session highs above 76.50
FXstreet.com (Barcelona) - The NZD/JPY foreign exchange cross rate is last quoted near fresh session highs at 76.69 bids ,a +1% higher so far for the week, on the back of a combination of stronger Kiwi and weaker Yen, with Nikkei index up +0.71%.
NZD/JPY pulling back broken neckline
As mentioned in previous posts, the NZD/JPY broke to the downside the neck line around current levels of a big head and shoulders reversal pattern started in early July with the head at July 25 highs 80.41. Currently pull backing to this neck line now at around the 77 round level, which is also 38.2% Fibo retrace of latest daily down leg 79.90/75.08, risk is for this level to hold buyers lower, unless it breaks clearly to the upside poiting then for the next 77.50 area, analysts said.
NZD/JPY key technical levels
Immediate support to the downside for NZD/JPY lies at August 05/07 lows 76.37, followed by Thursday's lows at 76.05, and Friday's lows at 75.72. To the upside, closest resistance shows at recent session/Friday's highs 76.76, followed by August 12 lows at 77.01, and August 26 highs at 77.58.
NZD/JPY pulling back broken neckline
As mentioned in previous posts, the NZD/JPY broke to the downside the neck line around current levels of a big head and shoulders reversal pattern started in early July with the head at July 25 highs 80.41. Currently pull backing to this neck line now at around the 77 round level, which is also 38.2% Fibo retrace of latest daily down leg 79.90/75.08, risk is for this level to hold buyers lower, unless it breaks clearly to the upside poiting then for the next 77.50 area, analysts said.
NZD/JPY key technical levels
Immediate support to the downside for NZD/JPY lies at August 05/07 lows 76.37, followed by Thursday's lows at 76.05, and Friday's lows at 75.72. To the upside, closest resistance shows at recent session/Friday's highs 76.76, followed by August 12 lows at 77.01, and August 26 highs at 77.58.