NZD/JPY technical analysis: Struggles around 38.2% Fibo., below key resistance-confluence
|- NZD/JPY trades near 12-day high amid New Zealand Dollar (NZD) strength, lack of momentum.
- 100-day EMA, the monthly top can question buyers despite breaking 38.2% Fibonacci Retracement.
With the upbeat New Zealand inflation numbers and overall strength of Antipodeans, the NZD/JPY trades near the highest levels in 12-day while taking the bids to 72.72 ahead of the European markets’ open on Tuesday.
38.2% Fibonacci retracement of March to June declines, at 72.75, acts as immediate resistance for the pair, a break of which can propel the quote towards 72.95/73.00 resistance confluence comprising 100-day exponential moving average (EMA) and the monthly high.
If at all buyers refrain from respecting overbought conditions of 14-day relative strength index (RSI) and cross 73.00 round-figure, 50% Fibonacci retracement level near 73.52 and 200-day EMA figure of 73.95 could be on their radars.
Meanwhile, 72.20 and 21-day EMA level of 72.00 can keep sellers in check ahead of pleasing them with the 23.6% Fibonacci retracement level of 71.79.
In a case where prices slip beneath 71.79, the monthly bottom close to 71.50 and June 20 high near 71.10 could come back on the chart.
NZD/JPY daily chart
Trend: Pullback expected
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.