NZD/JPY Price Analysis: Clings to the 78.60s area after tanking 100-pips By christianborjon NZDJPY Crosses Technical Analysis
.55 daily low, as investors dumped assets with anything with the “risk” word attached to it, in the case of the NZD/JPY pair, the risk-sensitive NZD. At press time, the NZD/JPY is trading at 78.67.
On Monday, Global equity indexes plunged in tandem with some commodity currencies as of late in the North American session. Russia-Ukraine tussles alongside the US banning oil from Russia increased tensions with Moscow. At the same time, the third round of talks proved to be ineffective in spurring a ceasefire between both parties.
In the meantime, the FX space reflected the market’s mood late in the North American session, with the USD and the JPY being the stronger currencies at the end of New York’s trading day.The NZD/JPY retreated from the confluence of May 10, 2021, daily high and the top-trendline of an ascending channel around the 79.20-42 area.
If that scenario plays out, NZD/JPY’s first resistance would be January 13 daily high at 78.83. Breach of the latter would expose January 5, daily high at 79.24, followed by March 7 daily high at 79.58.
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