NZD/JPY Price Analysis: Failure at 76.00 opened the door for YTD low at 75.27
- The NZD/JPY is flat as the Asian Pacific session begins.
- NZD/JPY Technical Outlook: The path of least resistance is downwards, further cemented by the daily close beneath 76.00.
The NZD/JPY slides as the New York session finishes, down some 0.25%. At the time of writing, the NZD/JPY is trading at 75.89. The overall market sentiment is upbeat, except for the FX market. The JPY and the CHF posted gains between 0.50% and 0.56%, respectively. Meanwhile, the high beta currencies ended in the red, led by the NZD, which lost 1.95%.
On Wednesday, the NZD/JPY reached a weekly high at 76,26, followed by a fall towards 76.00, as European traders got to their desks. The drop was courtesy of NZD's weakness due to mixed employment numbers. Later on the day, during the North American session, the pair gave way for JPY bulls, who pushed the pair below the 76.00 figure.
NZD/JPY Price Forecast: Technical outlook
The NZD/JPY is downward biased, as depicted by the daily moving averages (DMAs), with a downslope residing above the spot price. Furthermore, failure to print a daily close below the 76.00 figure opened the door for further losses. That said, the first support level would be July 20, 2021, a daily low at 75.27, followed by August 19, 2021, a daily low at 74.56.
Contrarily, in the event of the cross-currency pair holding its ground against JPY bulls, the first resistance would be 76.00. A break above that level could pave the way for further gains. The next resistance would be January 26 daily high at 76.67, followed by January 21 cycle high at 77.05.
