6 Nov 2013
NZD/JPY upwards for a fourth consecutive day amid waning safe haven demand
FXstreet.com (Athens) – The NZD/JPY spiked higher to 82.88 area, while it was hovering at 82.37 levels, due to the sharp uprise of the Nikkei, as well as to the Kiwi outperforming across the board.
NZD/JPY soars as markets price in a rate hike on behalf of RBNZ; also Nikkei jump weighs on
The NZD/JPY is trading on the upper level since the 1st of November, thus taken for granted that the cross opened on last Friday at 81.18 area, it has gained roughly 170 pips at the time being. Market participants could attribute the NZD/JPY uprise trend shift to a couple of factors; first of all, the JPY is underperforming across the board against all the major currencies as the Nikkei was boosted enough by Toyota earnings. What’s more, the kiwi is outperforming across the board not only on yesterday’s solid labor data pertaining to the third quarter, but also because traders are now pricing in 87bps in RBNZ rate hikes over the coming 12 months (the most supportive outlook in nearly 2 months).
Technical Aspects on the NZD/JPY
At the time of writing the NZD/JPY is trading at 82.76, up 0.96%. The FXstreet.com Trend Index shows the pair to be strongly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 81.59, 81.39, 81.18, and resistance at 82.43, 82.63 and 82.84, respectively.
NZD/JPY soars as markets price in a rate hike on behalf of RBNZ; also Nikkei jump weighs on
The NZD/JPY is trading on the upper level since the 1st of November, thus taken for granted that the cross opened on last Friday at 81.18 area, it has gained roughly 170 pips at the time being. Market participants could attribute the NZD/JPY uprise trend shift to a couple of factors; first of all, the JPY is underperforming across the board against all the major currencies as the Nikkei was boosted enough by Toyota earnings. What’s more, the kiwi is outperforming across the board not only on yesterday’s solid labor data pertaining to the third quarter, but also because traders are now pricing in 87bps in RBNZ rate hikes over the coming 12 months (the most supportive outlook in nearly 2 months).
Technical Aspects on the NZD/JPY
At the time of writing the NZD/JPY is trading at 82.76, up 0.96%. The FXstreet.com Trend Index shows the pair to be strongly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 81.59, 81.39, 81.18, and resistance at 82.43, 82.63 and 82.84, respectively.