FXstreet.com (San Francisco) - NZD/JPY is looking solid this afternoon in Asia, holding onto overnight gains as it consolidates at recent 8-day highs between 64.28 and 64.40.
The cross is now quoted at 64.40 and threatens to inch higher, sitting just beneath key resistance at 64.50, a level that attracted heavy selling interest on August 7.
According to Haruya Ida, analyst at IFR Markets, stops are located above 64.55. If NZD/JPY does manage to push above the mentioned resistance, the next target would be 64.85 (61.8%, 69.14/57.97), 65.25 (6 March low) and 65.55 (April 17 low). To the downside, the analyst identifies underlying support at 63.87 (Ichimoku tenkan line). Further support is noted at 63.60 (21 day EMA).
The cross is now quoted at 64.40 and threatens to inch higher, sitting just beneath key resistance at 64.50, a level that attracted heavy selling interest on August 7.
According to Haruya Ida, analyst at IFR Markets, stops are located above 64.55. If NZD/JPY does manage to push above the mentioned resistance, the next target would be 64.85 (61.8%, 69.14/57.97), 65.25 (6 March low) and 65.55 (April 17 low). To the downside, the analyst identifies underlying support at 63.87 (Ichimoku tenkan line). Further support is noted at 63.60 (21 day EMA).
