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Forex Flash: NZD/JPY to remain around current levels in the coming months - BNZ

FXstreet.com (Barcelona) - The NZD/JPY opened the current year at at 73.00, continuing the rally that started on September 2012 from 64.00 and peaked three weeks ago at 79.89. According to Mike Jones, Currency Strategist at BNZ, a bout of yen short-covering, ahead of the next meeting of the Bank of Japan (April 5), interrupted the NZD/JPY uptrend.

Mike expects that the objectives of the government and those of the Bank of Japan will keep the yen on a weakening trend during 2013. “Still, the bulk of the move is behind us,” the analyst said.

BNZ target for the NZD/JPY for 1 to 3 months is 79.00 – 80.00 while the one for 6 – 12 months is 81.00 – 82.00.

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