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The NZDJPY pair trades a contained range this week.

Written by Sam Coxhead on September 28th, 2012.      0 comments

2:06 PM (NZT) This pair has continued to trade within a familiar and contained range throughout the course of this week. After opening at the highs, risk aversion quickly pushed the NZ dollar lower. Increasing concerns in Europe were not enough to push the pair down through the support at 63.50, and the bounce in demand for the NZ dollar from the lows seen on Wednesday  has been impressive for its consistency. However, expect further gains for the NZ dollar to be harder fought from the current levels as the pair edges close to the substantial resistance at 65.00. In the absence of any NZ economic data next week, expect the pair to wash around with global sentiment and within familiar ranges. This sentiment will predominantly be driven by noise from Europe, and in particular Spain, and possibly the middle east.
 
The current interbank midrate is:                                                            NZDYEN  64.70                             
                                                               
The interbank range so far this week to date has been:                 NZDYEN  63.51- 64.87               
Topics: NZD YEN JPY
 

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