NZD/JPY standing at support zone

July 5, 2016

By Admiral Markets

The NZD/JPY pair is technically in uptrend and after bearish divergence tanked the pair, it is now consolidating at support. It will either go up from this zone, or it will drop towards lower levels. POC (L3, WPP, lower equidistant channel trend line) is 73.15-00 zone and the bounce from this level will target 73.50, 73.00 and 74.25. If the pair drops below 73.00 targets will be 72.80, 72.30 and 72.05. The pair should move during NY and Wellington session because GDT price index ( leading indicator of the nation’s trade balance with other countries because rising commodity prices boost export income ) is expected to be released today although the time is tentative.

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Article by Admiral Markets

Source: NZD/JPY standing at support zone

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