NZDJPY Chart Technical Outlook to push lower towards 86.24
The single currency baskets are moving in the opposite direction. This has resulted in an impulsive move to the downside in NZD/JPY. I can see no clear indication of a change in trend.
It should be noted that we have the RBNZ interest rate decision and policy statement overnight. Dependent on where the single currency basket lies, the NZD could flip From bearish to bullish.
Looking at the cross, we have strong support located at 86.24 and 86.15.
With this downside barrier being close to the projected Fibonacci support level of 86.34 (Bat formation), I would look for an upside correction from this zone.
The overnight figures are likely to be the catalyst.
