NZD/JPY: headed to 80.00? - Westpac

Analysts at Westpac offered their outlook for NZD/JPY.

Key Quotes:

"1 week: The cross has sustained its break below support at 80.30 and now targets the 78.00 area multi-week. Event-wise, with the BoJ out the way it’s a fairly quiet week ahead in terms of Japanese data. We have trade data on Wednesday followed by the flash PMI on Friday. Given the dip in Chinese exports, Japanese trade data will be closely watched. 

3 months: We expect the yen to remain well supported. It has been one of the best performing major currencies during the past few months, partly due to the BoJ’s unofficial tapering of QE. We see a decline to below 80.00."

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