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Forex: NZD/JPY operating below 66.00; support at 65.55

By FXstreet.com,  April 23, 2012, 10:58:00 PM EDT

FXstreet.com (San Francisco) - NZD/JPY is operating within a choppy 30-pip range between 65.70 and 66.03 this Tuesday in Asia, last quoted just under the 66.00 mark at 65.95.

The pair is currently sitting on strong support levels, according to the AKFinancials Research Team, hovering above the 65.55 area, which has been tested on multiple occasions in recent weeks.

"This will be a crucial area for this pair to decide which way it wants to go, if the bulls take control they'll attempt another run at taking out the resistance around 66.57," says AKFinancials. "If the bears take over, they'll attempt to power through the upwards trend line and possibly reverse this trend." Farther to the downside, support lies at 65.25 (6 March low), while resistance is noted at 66.82 (30 March low).




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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