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NZD/JPY meets 84.0 handle and that’s significant

FXStreet (Barcelona) - NZD/JPY is trading at 84.08, down -1.02% on the day, having posted a daily high at 84.99 and low at 83.96.

NZD/JPY continued the downside in suit of the kiwi offers but bottomed out on the 84.0 handle where demand for cheap NZD came in to rescue the pair. Nevertheless, the pair remain highly bearish territory, although oversold for one session alone, the downside is very widely open as pressures mount on top of 84.00. The move came from todays Consumer Prices Index third quarter reading that read lower than expected at 1.0% y/y vs 1.2% estimated and 1.6% prior. We also got a reading of 0.3% q/q vs 0.5% estimated and 0.3% previous.

NZD/JPY noteworthy levels

Current price is 84.09, with resistance ahead at 84.16 (Daily Classic S3), 84.29 (Weekly Classic PP), 84.49 (Daily Classic S2), 84.59 (Weekly Low) and 84.62 (Hourly 200 SMA). Next support to the downside can be found at 83.96 (Daily Low), 83.95 (Monthly Low), 83.66 (Weekly Classic S1), 82.73 (Weekly Classic S2) and 82.10 (Weekly Classic S3).

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