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20 Jun 2013
NZDJPY continues to consolidate around 76.00
FXstreet.com (Barcelona) - The NZD/JPY has continued to consolidate it a tight range around the 76.00 level for the past seven days.
NZD GDP print misses estimates
Earlier in the session, we saw the release of NZD (Q1) GDP which came in at 0.3% vs. 0.6% estimates. The print was also well below last month’s figure of 1.5%. However, thus far the print has not had a major influence on the pair. Currently, the pair is inching lower in Asia trade, down 23 pips at 75.94.
Pennant pattern forming on daily chart
The FXstreet.com trend index remains in strongly bearish set up on the daily chart, while the ob/os index reads neutral. From a pattern perspective, the pair appears to be forming a ‘pennant’ continuation pattern which will be confirmed with a break and close below the lower trend line support at 75.40. The pattern has a measured move target of down near 72.84.
NZD GDP print misses estimates
Earlier in the session, we saw the release of NZD (Q1) GDP which came in at 0.3% vs. 0.6% estimates. The print was also well below last month’s figure of 1.5%. However, thus far the print has not had a major influence on the pair. Currently, the pair is inching lower in Asia trade, down 23 pips at 75.94.
Pennant pattern forming on daily chart
The FXstreet.com trend index remains in strongly bearish set up on the daily chart, while the ob/os index reads neutral. From a pattern perspective, the pair appears to be forming a ‘pennant’ continuation pattern which will be confirmed with a break and close below the lower trend line support at 75.40. The pattern has a measured move target of down near 72.84.