By: Colin Jessup
The Japanese Yen is showing signs of strength across the board, and paired with the Kiwi aka New Zealand Dollar is no different. Yesterday the pair bounced off of the Weekly S1 at 65.53 and gained about 110 pips closing 13 pips above the Weekly Pivot. The Yen continued to gain on the Kiwi during the current Asian session but hit a descending trend-line at the high of 66.94. It is far too early to be certain if this is the beginnings of a Bullish trend as these two pairs have been gaining and reversing on each other in a daily basis for some time, with the Kiwi seeming to come out on top lately. Support is seen at 66.64, 66.08 and 65.88 with the Daily Pivot at 66.27. Resistance above is 67.00 as the Daily R1, 67.20 and 67.39 being the Daily R2. For me, I will not consider the Bearish trend broken until we close above 67.50, but thats not to say we can't take some points out of this market, especially with at nice technical vacuum above 66.94.
Happy Trading!