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Forex: NZD/JPY trading near support at 78.85/88

FXstreet.com (Barcelona) - The NZD/JPY has taken a tumble during European trading Wednesday, as the kiwi has waned in strength across the board. With risk aversion permeating the markets during American trading in these moments, the cross has managed to trade off its lows, though is still entrenched in negative territory at 78.85/88, down -0.51%.

Mataf.net analysts point to supports at 78.78, ahead of 78.20, and finally 77.85. Conversely, a movement higher and a paring of losses will result in the NZD/JPY testing calculated resistances at 79.81, ahead of 80.06, and 80.65.

According to the BNZ Research Team, “We expect global growth to accelerate to 3.3% in 2013 and 3.9% in 2014. If realized, this should support ongoing gains in NZ’s commodity export prices and keep the ‘high beta’ NZD/JPY well supported.” They point to a NZD/JPY three-month target of 79-80.00, while a six-twelve month target stands at 81-82.00.

Forex: GBP/JPY bounces at 142.00 and tests 143.00

After falling around 180 pips from 143.80 in the European session, the Sterling has finally find support at 142.00 against the Japanese yen. At this level, the GBP/JPY has bounced to trade back above the 142.50 level and trade at 142.90 in its way to test the 143.00 frontier.
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Forex Flash: Fitch upgrades Philippines to investment grade – ANZ

Earlier today, Fitch Ratings upgraded the Philippines’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to BBB- from BB+. The Long-Term Local-Currency IDR has been upgraded to BBB from BBB-. The outlook on both ratings is stable. According to Strategist Irene Cheung at ANZ, “We think the other two major rating agencies S&P (BB+ Positive) and Moody’s (Ba1-stable) will upgrade the Philippines in the coming months.”
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