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Ticks Away From Thursday Highs
NZD/JPY has corrected yesterday's rally and last trades -15 pips at Y73.83, after failing to make headway beyond the Y74.00 mark. The Antipodeans underperform their G10 peers at typing, while JPY sits atop the pile. Little in the way of fresh headline flow to drive the move, with participants still trying to figure out chances for a stimulus deal in the U.S. The kiwi has showed little to no immediate reaction to a continued surge in REINZ house sales/prices, improvement in BusinessNZ M'fing PMI & a downtick in domestic food price index.
- Initial support has been defined at Dec 7 low of Y73.08. A break under the Y73.00 area would encourage bears to target the Y71.60-71.48 zone, where the rate built a base in mid-Nov. Bulls look for a push through Dec 2 high of Y74.04 before targeting the 61.8% recovery of the Dec 15, 2016 - Mar 19, 2020 sell-off at Y74.49.
- The regional calendar is rather unimpressive today, which turns focus to broader market/headline flow.
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