NZD/JPY Price Analysis: Bears eye a run to test daily support structure
|- NZD/JPY bears are looking for a move into the 61.8% Fibonacci.
- The RBNZ has disappointed the bulls and leaves the kiwi vulnerable.
The Kiwi is under pressure and the yen is making headway across the board, moving into second place on the Currency Strength Index CSI board. The following illustrates the downside protection in NZD/JPY for the day ahead from a daily chart perspective.
NZD/JPY daily chart
Much from here will depend on the performance of the bird vs the US dollar, however. meanwhile, despite the lack of firm hawkishness at the RBNZ, the kiwi is holding up relatively well.
The price fell instead of reaching a proposed target near the 50% retracement of 0.6980, instead, the price moved in on the prior lows as follows:
A break there, 0.6920, opens risk on the cross to the downside, as illustrated above. 79.65 is holding up the bear currently.
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