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NZD/JPY collapses into 0.8650

FXStreet (Guatemala) - NZD/JPY is trading at 86.49, down -0.56% on the day, having posted a daily high at 87.05 and low at 86.47.

NZD/JPY collapsed as New Zealand’s pre-election fiscal update told us that the NZ Treasury cut the 2014/15 surplus forecast to NZ$297m vs. NZ$372m, while the 2015/16 surplus forecast had been downsized to NZ$ 818m from $NZ 1.26bn. we also get from the treasury that they are forecasting 2014-15 growth that has been reduced to 3.6% vs 4%, and to 2.6% in 2015-16. Meanwhile, the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.

NZD/JPY hourly levels

Current price is 86.49, with resistance ahead at 86.59 (Hourly 200 SMA), 86.64 (Daily 200 SMA), 86.72 (Weekly Classic PP) and 86.79. Next support to the downside can be found at 86.47 (Daily Low), 86.33 (Daily Classic S2), and 86.15 (Weekly Classic S1).

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