Chart Of The Day: NZD/JPY
Blake Morrow | Jul 28, 2021 05:55PM ET
NZD/JPY is range bound, but we are respecting some key support at the 200-day moving average, horizontal support at the 75.60s. With the FOMC past us, if risk rallies into the end of the week there is a strong chance NZD/JPY could make a move for the key 61.8% Fibonacci retracement at 77.41. This level could also be viewed as the "neckline" of the inverted head and shoulders pattern, which could extend us back towards the 79.00+ if broken in the day(s) ahead.
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