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has rallied significantly during the week, reaching towards the 1.2450 level. The area just above there, focusing on the 1.25 handle, remains very difficult to overcome, and therefore I think we’ve got a situation where we could pull back in the short term. However, if we were to take out the 1.25 level, then the 1.2666 level could happen going forward. On the other hand, if we do pull back, I think there is significant support nearly 1.20 level.
Because of this, we could see that the bond markets continue to drive where we go next. The 50 basis point cap on the 10-year note in Japan will continue to have major influence. If the market sees the Bank of Japan continuing to print unlimited yen to defend that level, we could see the trend take off to the outside, especially if we break above the 50-Week EMA. On the other hand, if we were to break down below the ¥127 level, then there is a huge air pocket just below that could send this market much lower.has gone back and forth during the course of the trading week, losing just a touch of ground in the end. At this point, the 0.
At this point, it looks like we could drop down to the 0.86 level if the momentum continues. On the other hand, it looks as if the 0.8850 level continues to offer major resistance above.initially tried to rally during the week but continues to see the 1.35 level as resistance. Ultimately, the market is now trying to figure out where it wants to go next, and if we can break above the top of the candlestick from this past week, then it’s likely that we could go to the 1.37 level.
We break down below that hammer from a couple of weeks ago, then it’s likely that the New Zealand dollar will go looking to the 0.60 level.
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