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27 Feb 2014
NZD/JPY remains sideways around 85.00
FXStreet (Córdoba) - After rallying early in February from 81.45 to 85.77, the NZD/JPY stabilized and has been moving sideways in the last few days hovering around 85.00. Early in Asia is having difficulties holding above 85.00 after posting on Wednesday the second daily loss in a row.
NZD/JPY technical outlook
The long term trend is still bullish but in a short time frame the perspective is different. The pair fell sharply on January breaking key short-term supports. After the bearish correction the Kiwi recovered ground but it had unable to rise back above 85.70 that capped the upside. A consolidation above, could signal a bullish continuation.
To the downside, immediate support lies at 84.50 and below here at 84.00 (February 20 low).
NZD/JPY technical outlook
The long term trend is still bullish but in a short time frame the perspective is different. The pair fell sharply on January breaking key short-term supports. After the bearish correction the Kiwi recovered ground but it had unable to rise back above 85.70 that capped the upside. A consolidation above, could signal a bullish continuation.
To the downside, immediate support lies at 84.50 and below here at 84.00 (February 20 low).