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The NZDYEN yoyo price action continues.

Written by Sam Coxhead on November 16th, 2012.      0 comments

2:28 PM (NZT) The NZ dollar has seen some grinding appreciation against the YEN this week. The YEN has been demonstrably weaker following the announcement of the snap elections by PM Noda. This weakness is best illustrated that the NZD has continued to make ground even following the horrible Q3 NZ retail sales number on Wednesday. It has been an interesting few weeks with the YEN seeing these periods of complete dislocation from the wider market risk appetite. It will be interesting to see how these strained correlations continue with the increasing uncertainty towards the end of the year. Further YEN weakness from current levels should be slowing in its momentum given the recent move. Resistance around 66.50 should offer some decent resistance in the short term atleast.
 
The current interbank midrate is:                                                  NZDJPY 65.74 
                                                                                         
The interbank range so far this week to date has been:       NZDJPY 64.62 – 66.03
Topics: NZD YEN
 

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