The Japanese Yen finished the week as the second best performer as evidence mounted that market participants have started to engage a more negative outlook into the near horizon. Emerging market troubles mounted for a second week, although after several desperate measures by central banks across the frontline developing world (Central and Southeast Asia, parts of Africa and Latin America), the Yen’s gains were focused elsewhere.
The chart for NZD/JPY is showing a bullish breakout after the break of recent resistance levels of 85.75. Expecting price to retest the new support level of 85.75 and continue moving higher to newer levels of major resistance zone of 87.30.
This pair remains bullish and we can expect some profit booking and a continuation of an upward momentum.
NZD/JPY" title="NZD/JPY" align="bottom" border="0" height="242" width="474">