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8 Oct 2013
NZD/JPY attempts consolidation above 80.20 front
FXstreet.com (Chicago) - NZD/JPY fell to 80.04 session lows almost giving up a key psychological support but managed to react on time driven by the bulls who now attempt a consolidation above the 80.20 zone.
Ahead of the Eco Watchers Survey results in Japan due at 4 GMT and a sea of losses in Asian equity indexes, the pair weakens on yen’s strengthening due to safe-haven behavior and the US’s inability to get the government up and running again. On earlier data, NZ published better than expected business confidence results while Japan disappointed with its trade balance results.
NZD/JPY Technical Levels
Price action reveals primary, secondary and short-term trendlines pointing down despite the intraday trend aiming higher after the pair found grounds around the 80.04 zone. Extending the downward trendline that prints lower highs and that originated last September 18th, the pair is offered at 80.26 and navigates between supports aligned at 79.88 (October 2nd lows), 79.40 (September 7th lows) ahead of 79 (September 3rd highs) and the resistances set at 80.52 (October 4th lows), 80.88 (October 7th highs) followed by 81.18 (October 4th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
Ahead of the Eco Watchers Survey results in Japan due at 4 GMT and a sea of losses in Asian equity indexes, the pair weakens on yen’s strengthening due to safe-haven behavior and the US’s inability to get the government up and running again. On earlier data, NZ published better than expected business confidence results while Japan disappointed with its trade balance results.
NZD/JPY Technical Levels
Price action reveals primary, secondary and short-term trendlines pointing down despite the intraday trend aiming higher after the pair found grounds around the 80.04 zone. Extending the downward trendline that prints lower highs and that originated last September 18th, the pair is offered at 80.26 and navigates between supports aligned at 79.88 (October 2nd lows), 79.40 (September 7th lows) ahead of 79 (September 3rd highs) and the resistances set at 80.52 (October 4th lows), 80.88 (October 7th highs) followed by 81.18 (October 4th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.