7 Aug 2013
NZD/JPY bracing for reversal?
FXstreet.com (Chicago) - NZD/JPY erased earlier gains as pair reversed after peaking above 77.5.
At 22:45 GMT, Statistics New Zealand published its unemployment rate for the second quarter of the year. At 6.4%, the results failed to match projections at 6.3%. Along similar lines, the labour cost index QoQ for the same quarter was 0.4% vs. projected 0.5%. The YoY percentage was at 1.7% vs. expected 1.8%.
Technically speaking, the pair was reported as slightly bearish on one-hour timeframe analysis minutes before the opening of the Nikkei markets. The CCI and Momentum indicators pointed down as pair traded at 76.89, getting closer to the immediate support at 76.84 (July 12th lows) ahead of 76.67 (July 13th lows) and 76.42 (June 27th lows). On the upside, resistances aligned to 77.11 (July 14th lows), 77.28 (June 28th highs) and 77.51 (July 31st lows).
At 22:45 GMT, Statistics New Zealand published its unemployment rate for the second quarter of the year. At 6.4%, the results failed to match projections at 6.3%. Along similar lines, the labour cost index QoQ for the same quarter was 0.4% vs. projected 0.5%. The YoY percentage was at 1.7% vs. expected 1.8%.
Technically speaking, the pair was reported as slightly bearish on one-hour timeframe analysis minutes before the opening of the Nikkei markets. The CCI and Momentum indicators pointed down as pair traded at 76.89, getting closer to the immediate support at 76.84 (July 12th lows) ahead of 76.67 (July 13th lows) and 76.42 (June 27th lows). On the upside, resistances aligned to 77.11 (July 14th lows), 77.28 (June 28th highs) and 77.51 (July 31st lows).