NZDJPY Eyes 50

by Ashraf Laidi

Apr 29, 2009 15:38

Consolidation in JPY crosses emerges after the short-lived slide from mid April, but the uncertain outlook for global equities emerging from stress tests and onset of further govt nationalization of US banks, the refuge to safety of the yen is overdue. Days as today, when risk appetite is on the aggressive side, NZD is the strongest and JPY is the weakest of most heavily traded currencies. Such is an opportunity to expect renewed downside towards 54 neckline of the ensuing head-&-shoulder formation, followed by a medium term target (1week) of 50.00. Any extended gains are seen capped at 56, followed by maximum stop of 57 (right shoulder).

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