FxWirePro: NZD/JPY downside supported at 61.8% Fib, weakness only below 76 levels
NZD/JPY price action rages within the daily cloud which currently spans 75.81-77.00. Upside on daily charts has been capped at 78.6% Fib at 77.07, while 61.8% Fib at 76.15 is holding on the downside. Momentum still highe…
NZD/JPY price action rages within the daily cloud which currently spans 75.81-77.00.
Upside on daily charts has been capped at 78.6% Fib at 77.07, while 61.8% Fib at 76.15 is holding on the downside.
Momentum still higher, breaks above 77 needed for further upside, pair holds above 5-DMA (76.13) after closing above on Monday's trade.
BoJ will hold its two day monetary policy meeting on 27-28 April where it is expected to decide policy rate and update forecasts inflation and growth figures.
Reuters poll shows 8 out of 16 analysts feel that the BOJ will take easing steps at 27-28 April meeting.
Technicals on hourly charts show upside. Pair is holding strong trendline support at 76 levels. Weakness seen only on breaks below.
Next hurdle on the upside located at 77 ahead of 77.44 (Mar 7th highs) and then 77.75 (trendline).
