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28 Aug 2013
NZD/JPY reconquers the 75.50 level
FXstreet.com (Barcelona) - The NZD/JPY foreign exchange cross rate is last quoted near fresh session highs at 75.79 bids, reversing from fresh 2-month lows printed at early Tokyo open on the back of massive stop triggering both in USD/JPY below the 97 handle and Kiwi below the 0.7750 USD mark.
NZD/JPY forming a potential head and shoulders pattern
The NZD/JPY cross is currently losing some -1.6% for the week so far, mostly on the back of Yen strength as Syria tensions growing is making market participants jump into the Yen safety. Coupled with Kiwi being the weakest major currency in last 2 days, and stock markets posting fresh lows with Nikkei index last down -2.32% while Oil is skyrocketing above the $111 mark, the NZD/JPY risks a break down of the neckline seen around latest lows coming from early January this year.
NZD/JPY key technical levels
Immediate support to the downside for NZD/JPY lies at yesterday's previous weekly low 75.39, followed by recent fresh 2-month lows at 75.10, and June 21 lows at 74.99. To the upside, closest resistance shows at August 05/07/22 lows 76.35/39, followed by July 11 lows at 76.70, and yesterday's London session highs at 77.01.
NZD/JPY forming a potential head and shoulders pattern
The NZD/JPY cross is currently losing some -1.6% for the week so far, mostly on the back of Yen strength as Syria tensions growing is making market participants jump into the Yen safety. Coupled with Kiwi being the weakest major currency in last 2 days, and stock markets posting fresh lows with Nikkei index last down -2.32% while Oil is skyrocketing above the $111 mark, the NZD/JPY risks a break down of the neckline seen around latest lows coming from early January this year.
NZD/JPY key technical levels
Immediate support to the downside for NZD/JPY lies at yesterday's previous weekly low 75.39, followed by recent fresh 2-month lows at 75.10, and June 21 lows at 74.99. To the upside, closest resistance shows at August 05/07/22 lows 76.35/39, followed by July 11 lows at 76.70, and yesterday's London session highs at 77.01.