Sell NZD/JPY for target of 81.15 - Westpac

The research team at Westpac suggests to sell NZD/JPY cross with the following parameters:

“Entry: Sell 100% at 82.50, Stop: 82.90, Target: 81.15”

Key Quotes

“Rationale: 

• The N.Korean missile launch is heightening political tensions into the G-20 Summit in Germany on 7th-8th July
• Accelerated JPY weakness since early June has now become technically stretched with limited Japanese data releases until next week's trade data
• The technical "stretch" is particularly noticable in NZD/JPY and highlights NZD vulnerability.”