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Forex: NZD/JPY stalls below 79.00

NZD/JPY is pushing again to the upside, last at 78.74, mostly on Yen weakness, as USD/JPY printed another fresh 33-month high shy of 94.50, while NZD/USD has bounced back to even for the week, last at 0.8358. The NZD/JPY cross is up +1.68% for the week so far from previous weekly close Friday, with Nikkei index opening higher above the 11400 points mark, up +2.26% for the day.

While Japan and Korea are back to trading from yesterday's holiday, China, Hong-Kong and Singapore will keep closed. NZ REINZ HPI m/m data is expected to be released any time from now till Thursday. NZD/JPY reached a fresh 4-year highs last week on Wednesday at 79.43, now less than 100 pips above current quote.

Immediate resistance to the upside for NZD/JPY shows at recent 3-day highs 78.93, followed by mentioned Feb 06 fresh 4-year highs at 79.43, and June 2008 lows at 80.17. To the downside, nearest term support lies at Thursday's highs 78.61, followed by Friday's highs at 78.22, and Friday's/yesterday's lows at 77.09/76.97.

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