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NZD/JPY choppy price action around RBNZ

FXStreet (Barcelona) - NZD/JPY is trading at 84.41, down -0.20% on the day, having posted a daily high at 84.60 and low at 83.79.

NZD/JPY has been as volatile as anywhere else with a come back from the depths of the middle of the 83 handle and moved back over a cent. The choppy price action came in under the hourly 200 SMA with the RBNZ comments that again reiterated that the NZD level is unsustainable. We also have the BoJ’s Kuroda reiterating recently that the Bank of Japan are to continue on with their Qualitative and Quantitative Easing programme until the 2.0% price target is achieved. Such comments are little of a distraction to the main theme of current conditions that remain nervous and although current price offers a bullish bias in the short term, sentiment favours the JPY into the closing sessions of the week. Ahead will reveal the last of the weeks US data may be a catalyst for last minute volatility before traders square up positions.

NZD/JPY noteworthy levels

Current price is 84.43, with resistance ahead at 84.61 (Hourly 200 SMA), 84.66 (Weekly Classic PP) and 84.83. Next support to the downside can be found at 84.35 (Daily Classic PP), 84.27 (Hourly 100 SMA), 83.80 and 83.40.

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