Today during the Asian session, the USDJPY has successfully implemented our yesterday's forecast. The pair pulled back to last support JPY100.77 and further to the area of 101.14, where stops and limits got triggered to lead USDJPY to JPY100.74. In addition to the gains of the US dollar caused by Dudley announcement, the Japanese currency has been weakened by the speech of Japan Deputy Finance Minister Masatsugu Asakawa who said that financial authorities are ready to act if Yen FX rate levels will be extreme. We believe that today this market will be trading around the 100.77 level and within range of JPY99.90-JPY101.67
The pair fell to 0.7671 support area with oil correction and US dollar gains as main triggers. If the pair manages to consolidate above this level, we can talk that upward momentum is still intact. 0.7671 level looks kind significant area for the market over the last 6 months of trading.
New Zealand Dollar
Unemployment data in New Zealand were positive, as employment growth in the second quarter was 2.4%, versus analysts' expectations of 0.6%. Producer Price Index rose in the second quarter by 0.9%, higher than analysts' expectations of 0.5%. The unemployment rate in New Zealand, in the second quarter was 5.1%, 5.3% expectations. However, the dynamics of NZDUSD pair repeats global market sentiment. The pair is correcting today and pull back from 0.7290-0.7313 resistance. The closest support level is at 0.7245. However, the oil market correction might drop the pair lower to 0.7200-0.7210 area
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