Originally updated: 09:00am
Currency Pair: NZD/JPY
Sentiment: Bearish
Market focus:
In today’s trade set up we will be focussing on short term selling opportunities on the NZD/JPY.
Fundamentals:
The BOJ minutes came in as expected today, however there was some concern from officials that the yen had weakened too much and could start having adverse effects on smaller businesses.
The NZD will be our currency of choice to trade against after expectations for inflation two years from now fell to 2.06% and global commodity prices weigh on the AUD and NZD.
Technicals:
We have a nice confluence zone at 92.95-93.10. This should offer short term resistance for any pullback.
Stop loss could be placed at 93.55
Take profit target: 92.15
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