FxWirePro: NZD/JPY sees strong support at 74.40, weakness only on close below
Yen appreciation continues unabated pressuring NZD/JPY lower, pair unable to take recovery beyond 10-DMA. 74.40 is a strong support levels for the pair, weakness only on close below Break below 74.40 could see next suppo…
Yen appreciation continues unabated pressuring NZD/JPY lower, pair unable to take recovery beyond 10-DMA.
74.40 is a strong support levels for the pair, weakness only on close below Break below 74.40 could see next support at 73.65 (Jan 20th low), then 73.20 (Feb 11 lows) and 72.42 (Aug 24 lows).
On the topside, immediate resistance is seen at 75.30 (5-DMA) ahead of 75.50 (Jan 20 highs) and then 75.89 (Feb 12th highs).
Markets now price in a 100% probability the RBNZ will cut once more this year, and a 30% chance it will cut twice.
Yen at overvalued levels also heightens the risk of BoJ intervention, markets remain cautious.
