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4 Sep 2015
NZD/JPY: expected range 76.00 – 77.20
FXStreet (Guatemala) - NZD/JPY has is consolidated between the 200 and 50 SMA on the hourly chart and has been recovering from the lows of 75.40 earlier in the week reached in the 30th of August bear trend.
NZD/JPY had been directly offered since the release of the ANZ business confidence printing -29.1 vs -15.3 at the end of August, but has been supported on a better risk appetite with China on the sidelines of the FX games and a slight temporary recovery in commodity prices, with the GDT price index bolstered by Fonterra cutting supply.
NZD/JPY awaits Nonfarm Payrolls
Analysts at ANZ explained, "With the closure of Chinese equity markets providing a brief respite from market volatility, US labour market data tonight will set the direction for JPY. In light of recent market positioning, an above consensus result may have a more significant impact on JPY, providing some upside to NZD/JPY. Expected range: 76.00 – 77.20."
NZD/JPY had been directly offered since the release of the ANZ business confidence printing -29.1 vs -15.3 at the end of August, but has been supported on a better risk appetite with China on the sidelines of the FX games and a slight temporary recovery in commodity prices, with the GDT price index bolstered by Fonterra cutting supply.
NZD/JPY awaits Nonfarm Payrolls
Analysts at ANZ explained, "With the closure of Chinese equity markets providing a brief respite from market volatility, US labour market data tonight will set the direction for JPY. In light of recent market positioning, an above consensus result may have a more significant impact on JPY, providing some upside to NZD/JPY. Expected range: 76.00 – 77.20."