NZD/JPY looking for a foothold after rolling downhill into 77.50
|- The Kiwi heads into a new week after getting pummeled by the Yen.
- A lack of impactful data for the early week leaves the pair exposed to market sentiment.
The NZD/JPY pair is trading back into 77.60, and the Kiwi is continuing to expose its weak side.
The Kiwi fell steadily against the Yen last week, dropping from a high of 79.10 into 77.45 in one-sided action, and the Kiwi is struggling to capitalize on a small bump to kick off the new week, continuing to show weakness after kicking upwards towards 77.80 to kick off the new week.
Monday is a quiet showing for the Kiwi on the economic calendar, with low-tier Credit Card Spending for March at 03:00 GMT, and the year-on-year figure last printed a 7 percent reading, while late Monday (22:45 GMT) will bring March's year-on-year figures for Visitor Arrivals. The indicator last showed an 11.4 percent upswing in tourism arrivals to New Zealand; tourism is a major part of the NZ GDP, and a healthy showing in arrivals could find the Kiwi some much-needed support.
NZD/JPY Levels to watch
Last week's tumble into 77.45 saw the pair touch into the rising trendline from March's low at 75.50, and a bullish rejection of the rising trendline will see action testing into the 50.0 Fibo level near the 78.50 handle, while a failure by bulls to regain control will see the pair falling back into support from late March's congestion zone from the 77.00 to 76.00 psychological levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.