23 Dec 2014
NZD/JPY advances; faces stiff resistance at 93.13 levels
FXStreet (Mumbai) - The New Zealand dollar rallied against the Japanese yen during the mid-European session, erasing losses seen in the Asian trading amid thin trades as Japan is closed for a national holiday.
Currently, the NZD/JPY pair trades at 93.09 levels, up 0.33% on the day, after having posted day’s high at 93.11 levels an hour ago. The kiwi rallied against the yen after upbeat New Zealand’s trade data which showed New Zealand had a merchandise trade deficit of NZD 213 million in November, beating forecasts for a shortfall of NZD 575 million following the NZD 908 million deficits in October. This is the smallest November deficit since 2010. The Japanese yen failed to find support against the Kiwi in absence of any event from Japan on account of a holiday.
NZD/JPY Technical Levels
The pair has an immediate resistance at 93.12 (Dec 22 High) levels, above which gains could be extended to 93.32 (Dec 11 High) levels. On the flip side, support is seen at 92.62 (Dec 4 Low), from here it to 92 levels.
Currently, the NZD/JPY pair trades at 93.09 levels, up 0.33% on the day, after having posted day’s high at 93.11 levels an hour ago. The kiwi rallied against the yen after upbeat New Zealand’s trade data which showed New Zealand had a merchandise trade deficit of NZD 213 million in November, beating forecasts for a shortfall of NZD 575 million following the NZD 908 million deficits in October. This is the smallest November deficit since 2010. The Japanese yen failed to find support against the Kiwi in absence of any event from Japan on account of a holiday.
NZD/JPY Technical Levels
The pair has an immediate resistance at 93.12 (Dec 22 High) levels, above which gains could be extended to 93.32 (Dec 11 High) levels. On the flip side, support is seen at 92.62 (Dec 4 Low), from here it to 92 levels.