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31 Dec 2014
NZD/JPY poised to retest 94 handle
FXStreet (Mumbai) - The New Zealand dollar advanced against the Japanese counterpart, erasing losses seen in the previous session on the back of increased safe-haven demand for the Japanese yen.
Currently, the NZD/JPY trades at 93.83, up -0.27% on the day, close to days high of 93.86 levels hit some minutes ago. The Kiwi strengthened versus the yen amid growing expectations the Bank of Japan will implement more stimulus measures to drag the currency down and fight off deflation in the New Year 2015, which pushed the yen lower. The Kiwi remains supported against the yen, mirroring the gains in the Aussie cross on the back of upbeat Chinese manufacturing numbers.
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 93.24 (10-DMA) levels and below that at 93 levels.
Currently, the NZD/JPY trades at 93.83, up -0.27% on the day, close to days high of 93.86 levels hit some minutes ago. The Kiwi strengthened versus the yen amid growing expectations the Bank of Japan will implement more stimulus measures to drag the currency down and fight off deflation in the New Year 2015, which pushed the yen lower. The Kiwi remains supported against the yen, mirroring the gains in the Aussie cross on the back of upbeat Chinese manufacturing numbers.
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 93.24 (10-DMA) levels and below that at 93 levels.