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NZD/JPY waiting for Yen to weaken; tgt 86.0

FXStreet (Guatemala) - NZD/JPY remains to the downside on the daily chart despite the hourly progression higher and consolidation phase with a slow and range bound USD/JPY.

Raiko Shareef, Currency Strategist at BNZ illustrates that after a brief spurt higher in late July, USD/JPY has settled back into its well-worn range around ¥102. “We still believe that JPY will weaken into year-end, especially with BoJ officials recently sounding less confident about the pace of the Japanese economy. Certainly progress has stalled in terms of achieving the BoJ’s 2% inflation target. While the cross has fallen faster than we anticipated in the year to date, we do not expect it to progress much further south. Our year-end target remains 86.0”.

NZD/JPY hourly levels

With spot trading at 86.41, we can see next resistance ahead at 86.42 (Hourly 20 EMA), 86.46 (Hourly 100 SMA) and 86.52 (Daily 200 SMA). Support below can be found at 86.37 86.33 (Monthly Low) and 86.21 (Daily Classic PP).

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