Technical Talk:NZD/JPY 15-10-2019

NZD/JPY giving back ground in holiday thin markets
Our preference: the downside prevails as long as 68.22 is resistance.Alternative scenario: the upside breakout of 68.22, would call for 68.42 and 68.54.

Comment:

NZD/JPY profit-taking ensures at the start of a busy event week.Less committed risk-takers prefer to wait and see how the trade deal unfolds.
NZD/JPY has started out the week on the back foot, falling from a high of 68.72 to a low of 68.22, -0.66%.
The cross is suffering on what is potential profit-taking and a dial back in optimism surrounding the ‘phase-1’
trade agreement between the US and China within illiquid markets while Japan and the U.S. are out on holiday. The Chinese press has somewhat invalidated the trade agreement between the US and China by highlighting that only a ‘partial deal’ has yet to be inked, thus leaving the door open for scrutiny and prying the implications of a possible reneging from either side on aspects of the agreement

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