Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

NZD/JPY Tests Around 81.00

Published 08/12/2015, 12:56 AM
Updated 07/09/2023, 06:31 AM

NZD/JPY

We are looking at a possible bullish pattern on the NZD/JPY and as such we would like the price to test right around to 81.00 handle to consider going long for an initial 81.6X run with potential move heading to or around 82.8X zone.

NZD over the past has been sold furiously and yet it seems it has no bottom in sight and more fallout can’t be ruled out. Rate cuts along with sluggish economy and fallout on the dairy prices all contributed to the lower NZD.

JPY on the other hand is not doing any better; with rates at all time lows and no expectations of any hike anytime soon makes a dull play on it.

We are, therefore, only sketching a technical picture on the pair and with price currently fallen under the rising wedge is expected to test 81.00 handle and if it does; we like to consider going long with 81.6X followed by 82.8X as targets.

NZD/JPY 2-Hour Chart

T3 comes in as decent support to try longs for move towards T4 test.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.