NZD/JPY stages another failed attempt to test monthly high
NZD/JPY appears to have staged another failed attempt to test the monthly high (83.92) as it snaps the series of higher highs and lows from the start of the week.
NZD/JPY Rate Outlook
NZD/JPY may test the weekly low (82.80) as it gives back the three-day rally, with a break/close below the 82.30 (23.6% Fibonacci extension) to 82.50 (38.2% Fibonacci extension) region bringing the monthly low (82.12) on the radar.
Next area of interest comes in around 81.70 (50% Fibonacci retracement), with a break below the yearly low (80.44) opening up the 80.20 (61.8% Fibonacci retracement) region.
At the same time, NZD/USD may consolidate if it defends the weekly low (82.80), with a move above 83.20 (38.2% Fibonacci retracement) raising the scope for another run at the monthly high (83.92).
--- Written by David Song, Strategist
DavidJSong
NZD/JPY Rate Outlook
NZD/JPY may test the weekly low (82.80) as it gives back the three-day rally, with a break/close below the 82.30 (23.6% Fibonacci extension) to 82.50 (38.2% Fibonacci extension) region bringing the monthly low (82.12) on the radar.
Next area of interest comes in around 81.70 (50% Fibonacci retracement), with a break below the yearly low (80.44) opening up the 80.20 (61.8% Fibonacci retracement) region.
At the same time, NZD/USD may consolidate if it defends the weekly low (82.80), with a move above 83.20 (38.2% Fibonacci retracement) raising the scope for another run at the monthly high (83.92).
--- Written by David Song, Strategist
DavidJSong
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