Back
12 Jun 2014
NZD/JPY soars to test the 88 handle
FXStreet (Guatemala) - NZD/JPY is trading at 87.81, up 0.67% on the day, having posted a daily high at 88.02 and low at 86.97.
There has been an initial spike and rally in the NZD across the board while the RBNZ statement read hawkish at first glance. “New Zealand’s economic expansion has considerable momentum, with GDP estimated to have grown by around 4 percent in the year to June”, Governor Graeme Wheeler. But he continued, and said “The speed and extent to which the OCR will need to rise will depend on future economic and financial data, and its implications for inflationary pressures”. RBS strategist explained that “Even in the event of a hike, we see the risks to the new forecasts and the signalling language as reflecting a more balanced, data dependent stance on monetary policy going forward”. Thus, although there has been an initial spike in the NZD to the upside, these moves could be short lived.
NZD/JPY Levels
Current price is 87.84, with resistance ahead at 88.02 (Daily High), 88.22 (Weekly Classic R2), 88.33 (Monthly High), 88.95 (Weekly Classic R3) and 89.60 (Annual High). Next support to the downside can be found at 87.78 (Daily Classic R3), 87.67 (Weekly Classic R1), 87.66 (Yesterday's High), 87.55 (Daily Classic R2) and 87.40 (Daily Classic R1).
There has been an initial spike and rally in the NZD across the board while the RBNZ statement read hawkish at first glance. “New Zealand’s economic expansion has considerable momentum, with GDP estimated to have grown by around 4 percent in the year to June”, Governor Graeme Wheeler. But he continued, and said “The speed and extent to which the OCR will need to rise will depend on future economic and financial data, and its implications for inflationary pressures”. RBS strategist explained that “Even in the event of a hike, we see the risks to the new forecasts and the signalling language as reflecting a more balanced, data dependent stance on monetary policy going forward”. Thus, although there has been an initial spike in the NZD to the upside, these moves could be short lived.
NZD/JPY Levels
Current price is 87.84, with resistance ahead at 88.02 (Daily High), 88.22 (Weekly Classic R2), 88.33 (Monthly High), 88.95 (Weekly Classic R3) and 89.60 (Annual High). Next support to the downside can be found at 87.78 (Daily Classic R3), 87.67 (Weekly Classic R1), 87.66 (Yesterday's High), 87.55 (Daily Classic R2) and 87.40 (Daily Classic R1).