14 Nov 2013
NZD/JPY aims for 83.zone
FXstreet.com (Chicago) - NZD/JPY remains strong after rally close to the 0.83 zone consolidating almost 70 pips in gains so far after the release of data in both countries.
Hourly charts reveal a very strong reaction sending the pair close to the 83 front shortly after the release of GDP data in Japan, better than expected along with the release of data in New Zealand with retail sales at -0.1% vs. past 2.1%.
NZD/JPY Technical Levels
Technically speaking, the pair is supported by the price action of primary, secondary and short-term trends edging higher and printing higher highs and lows. Offered at 82.68, the pair oscillates between the supports aligned at 82.47 (November 5th highs), 82.11 (November 12th highs) followed by 81.59 (October 30th highs) and the resistances set at 83 (November 7th highs), 83.38 (October 17th highs) followed by 84 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Hourly charts reveal a very strong reaction sending the pair close to the 83 front shortly after the release of GDP data in Japan, better than expected along with the release of data in New Zealand with retail sales at -0.1% vs. past 2.1%.
NZD/JPY Technical Levels
Technically speaking, the pair is supported by the price action of primary, secondary and short-term trends edging higher and printing higher highs and lows. Offered at 82.68, the pair oscillates between the supports aligned at 82.47 (November 5th highs), 82.11 (November 12th highs) followed by 81.59 (October 30th highs) and the resistances set at 83 (November 7th highs), 83.38 (October 17th highs) followed by 84 (October 22nd highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.