NZD/JPY hits fresh 3-Week High

FXStreet (Mumbai) - The New Zealand dollar continues its upward trajectory against the Japanese yen in the mid-Asian session largely on gains seen in the Kiwi pair.

Supported at 200-DMA

Currently, the NZD/JPY trades higher by 0.47% on the day, at 89.81 levels, retreating from previously posted fresh 3-week highs at 88.96 levels. NZD/JPY advanced this morning largely on Kiwi strength, riding on the wave after RBNZ altered its rate-hike bias to a neutral policy stance.

Moreover, recent upbeat economic releases from Australia also contributed to the upside in NZD/JPY. On the other, yen trades almost flat versus the greenback amid lack of fresh triggers as Japan is closed today in observance of National Foundation Day.

NZD/JPY Levels to consider

To the upside, the next resistance is located at 89 levels and above which it could extend gains to at 89.30 levels. To the downside immediate support might be located at 88 levels below that at 87.56 levels.

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