Recovery in the global markets has reduced the demand for safe-haven Japanese Yen(JPY) while simultaneously, lending support to risk assets like AUD and NZD. Thus, we have seen a recovery in NZDJPY as well.
But, how long will it last?
In my opinion, the stock market hasn't bottomed out yet. There could be another leg down soon when the threat of an economic meltdown begins to show up.
That being said, NZDJPY has hit a crucial area. A strong break of this zone will see NJ reach 67 and beyond. On the other hand, if price reverses here, the support levels I mentioned could come into picture.
But, how long will it last?
In my opinion, the stock market hasn't bottomed out yet. There could be another leg down soon when the threat of an economic meltdown begins to show up.
That being said, NZDJPY has hit a crucial area. A strong break of this zone will see NJ reach 67 and beyond. On the other hand, if price reverses here, the support levels I mentioned could come into picture.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.