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Forex: NZD/JPY highest since Sept 2008 above 74.00

By FXstreet.com,  January 10, 2013, 12:18:00 AM EDT

FXstreet.com (Barcelona) - NZD/JPY has just broken above the 74.00 figure, last at 74.05, highest level seen since Sept 2008. The cross is up +3.26% for the year so far, and +12.59% since elections were called for Japan back in past mid Nov 2012.

The cross reads a 74.42 level in the weekly RSI 14 chart, most overbought lecture in more than 3 years, on the back of both Kiwi strength, being strongest currency among majors for last 2 trading days, and Yen weakness. Yen is also weakest since year 2011, while NZD is strongest in same time period, among all majors.

Immediate resistance to the upside for NZD/JPY shows at current levels as Aug 2008 lows 74.04/10, followed by Aug/Sept 2007 lows at 76.91, and March 31 2008 lows and 61.8% Fibo retrace of 2007 highs to Feb 2009 down leg at 77.38. To the downside, closest support lies at Monday's highs 73.60, followed by Jan 02 lows at 73.18, and Monday/Tuesday weekly lows at 72.58.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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