NZD/JPY bulls push pair to new 2020 highs above 73.40


  • NZD/JPY bulls pushed the pair to fresh year-to-date highs above 73.40 on Monday.  
  • Though the move was brief, and the pair quickly dropped back to the 73.10s, a technical bullish bias remains intact.

NZD/JPY managed to eke out fresh year-to-date highs above the 73.35 high set back in January, with the pair even managing to briefly make it above 73.40, although not quite advancing as far as the late December 2019 high just above 73.50.

The pair retraced the move quite sharply, however, dropping back to current trading levels in the 73.10s by the start of Tuesday Asia trade. Despite the retracement, the pair’s near-term technical bias does remain to the upside.

NZD/JPY has been trading within a bullish trend channel for pretty much a whole week now; to the downside, the uptrend support links the 25, 27 and 30 November lows, while to the upside, the uptrend resistance links the 24, 25 and 30 November highs.

A downside break of this bullish trend channel would open the door for a move lower back towards a key area of support around 72.80 that coincides with the early November high. Should the pair instead opt to take the path of least resistance and continue to grind higher, fresh annual highs are likely to be printed above 73.40 and perhaps even a test of the 73.50 level and December 2019 highs at 73.54.

NZD/USD four hour chart

nzdjpy

Other key NZD/JPY levels

NZD/JPY

Overview
Today last price 73.16
Today Daily Change 0.04
Today Daily Change % 0.05
Today daily open 73.12
 
Trends
Daily SMA20 71.69
Daily SMA50 70.49
Daily SMA100 70.44
Daily SMA200 68.54
 
Levels
Previous Daily High 73.24
Previous Daily Low 72.89
Previous Weekly High 73.28
Previous Weekly Low 71.92
Previous Monthly High 70.51
Previous Monthly Low 68.87
Daily Fibonacci 38.2% 73.1
Daily Fibonacci 61.8% 73.02
Daily Pivot Point S1 72.93
Daily Pivot Point S2 72.74
Daily Pivot Point S3 72.59
Daily Pivot Point R1 73.27
Daily Pivot Point R2 73.43
Daily Pivot Point R3 73.62

 

 

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