Featured Trade NZDJPY minor downtrend remains intact
73.00 is the key short-term resistance to watch on the NZD/JPY.
Share this:
Short-term technical outlook on NZD/JPY (Mon, 13 May)
click to enlarge chart
Key elements
- The minor downtrend of the NZD/JPY cross pair in place since 21 Mar 2019 high has started to accelerate to the downside through the bearish break and gapped downed from its lower boundary of the descending channel on 06 May 2019.
- From its 15 Apr 2019 minor swing high of 75.95, it has evolved within a steeper minor descending channel with its key short-term resistance now at 73.00 which is defined by the intersection of the steeper descending channel resistance and pull-back of the former descending channel support from 21 Mar 2019 high.
- The hourly RSI oscillator has started to inch upwards and still has potential room for further upside before it reaches a corresponding resistance at the 55 level. This observation suggests that price action of the cross pair may see a minor bounce to retest 72.65.
- The next significant near-term support rests at 70.90/80 which is defined by the lower boundary of the steeper descending channel from 15 Apr 2019 high and a Fibonacci expansion cluster.
Key Levels (1 to 3 days)
Intermediate resistance: 72.65
Pivot (key resistance): 73.00
Support: 71.80 & 70.90/80
Next resistance: 73.60
Conclusion
The NZD/JPY may shape a minor bounce first towards 72.65 with a maximum limit set at the 73.00 key short-term pivotal resistance before another potential impulsive downleg materialises to retest 08 May 2019 low of 71.80 follow by 70.90/80 next.
However, an hourly close above 73.00 negates the bearish tone for a further corrective rebound towards the next resistance at 73.60 (gapped down formed on 06 May 2019 & former minor swing low area of 25 Apr 2019).
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD Q4 2026 Outlook: Euro at a Crossroads as Fed, ECB Tighten 9 25 2026
EUR/USD enters Q4 at a pivotal inflection point as competing Fed-ECB policy paths and persistent inflation risks collide with major technical support.
AUD/USD Q4 Outlook: RBA and Fed Hikes Set the Tone
AUD/USD enters Q4 with RBA and Fed hikes in focus as sticky inflation, rising unemployment and US dollar strength shape the Australian dollar.
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.