FXStreet (Guatemala) – NZD/JPY is currently trading at 0.8508 with a high of 0.8554 and a low of 0.8487.
NZD/JPY has fallen sharply away from the the vicinity of 0.8540 consolidation and moved lower down to test the commitment of the bulls on the 0.85 handle. The price action penetrated this psychological figure and has marked the aforementioned lows at the start of early Asia. The RBNZ made a statement that large falls in dairy prices are hindering growth and in respect of the currency, they say the bird is still at unjustifiable levels. In the last moments the cross has managed a bid back on to the 0.85 handle.
However, technically, the cross is in the bears hands and a break of 84.70/80 would be a significant breach that is otherwise guarding further downside for the mid point of the handle and recent daily lows.
(Market News Provided by FXstreet)