NZD/JPY Tests Around 81.00
Littlefish FX | Aug 12, 2015 12:56AM ET
We are looking at a possible bullish pattern on the NZD/JPY and as such we would like the price to test right around to 81.00 handle to consider going long for an initial 81.6X run with potential move heading to or around 82.8X zone.
NZD over the past has been sold furiously and yet it seems it has no bottom in sight and more fallout can’t be ruled out. Rate cuts along with sluggish economy and fallout on the dairy prices all contributed to the lower NZD.
JPY on the other hand is not doing any better; with rates at all time lows and no expectations of any hike anytime soon makes a dull play on it.
We are, therefore, only sketching a technical picture on the pair and with price currently fallen under the rising wedge is expected to test 81.00 handle and if it does; we like to consider going long with 81.6X followed by 82.8X as targets.
T3 comes in as decent support to try longs for move towards T4 test.
/h3
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