Tickmill’s Investing Diva, NZDJPY Daily Outlook 31-03-20
<p>NZDJPY Daily Outlook – On Monday China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points, the largest in nearly five years… Oil prices crashed to an 18-year low, the Swiss economic indicator plunged to the lowest level in 5 years, and Japan compiled its “boldest-ever” stimulus package including cash handouts to struggling households to cope with the coronavirus economic impact.</p>
<p>Meanwhile, in the US the number of confirmed new coronavirus cases surged to nearly 160,000.</p>
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<p>On Tuesday we’ll be looking at German unemployment, Eurozone’s CPI, Canada’s GDP and the US CPI on the economic calendar.</p>
<p>Today I’m looking at the NZD/JPY pair which bounced off the 8-year support level of 59.44 last week… If the 2008 economic crisis is going to be the roadmap for the coronavirus crisis, we could expect the pair to eventually drop below this level to revisit the 12-year support of 45… and then trade within the range between 68 and 59 as it did between the years 2008 and 2012.</p>
<p>Of course, this is only if history repeats a version of itself… Do you think NZD/JPY will reach 45 in April? Head over to the Comments section and let me know.</p>
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