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30 Dec 2014
NZD/JPY retreats from 7-1/2 year highs
FXStreet (Mumbai) - The New Zealand dollar retreated from a seven and a half year peak against the Japanese counterpart, wiping out gains from the previous session as traders view the rally in the cross as overdone.
Currently, the NZD/JPY pair trades at day’s low levels at 93.63, down -0.29% on the day, after clocking a fresh seven and a half year high at 94.08 levels in the previous session. The Kiwi remains under pressure against the yen as the Japanese currency regained strength versus the US dollar. The cross in NZD/JPY firmed yesterday on news that the People’s Bank of China will provide more available liquidity for lending and investment. China is New Zealand’s the top trade partner.
NZD/JPY Technical Levels
To the upside, the next resistance is located at 94.08 (Dec 29 High) and above which it could extend gains to 94.50 levels. To the downside, immediate support might be located at 93.19 (Dec 29 Low) levels and below that at 93 levels.
Currently, the NZD/JPY pair trades at day’s low levels at 93.63, down -0.29% on the day, after clocking a fresh seven and a half year high at 94.08 levels in the previous session. The Kiwi remains under pressure against the yen as the Japanese currency regained strength versus the US dollar. The cross in NZD/JPY firmed yesterday on news that the People’s Bank of China will provide more available liquidity for lending and investment. China is New Zealand’s the top trade partner.
NZD/JPY Technical Levels
To the upside, the next resistance is located at 94.08 (Dec 29 High) and above which it could extend gains to 94.50 levels. To the downside, immediate support might be located at 93.19 (Dec 29 Low) levels and below that at 93 levels.