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      USD/JPY points to consolidation – Commerzbank

      FXStreet (Edinburgh) - In the view of Axel Rudolph, Senior Technical Analysis at Commerzbank, the pair’s perspective keeps pointing to a consolidative pattern.

      Key Quotes

      USD/JPY is still consolidating. It faces a number of resistances directly overhead from the 200 day moving average at 120.90 to the 121.76 late August high”.

      “It is side lined in a converging space, and below lies the near term support line which is located at 119.25. Currently we remain negative below the 121.38/76 zone where recent highs were made”.

      “We look for 121.76 to continue to cap the topside and we then look for a retest of the 118.33 March low en route to the 116.15/115.85 2015 low and the recent low”.

      Taiwan cuts key interest rate to 1.75%

      The Taiwan central bank cut interest rates from 1.875% to 1.75% on Thursday in an effort to increase effective demand.
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      NZD: Bounced from 6-yr lows – TDS

      Prashant Newnaha, Rates Strategist at TD Securities, suggests that NZD has posted the best performance today, +0.4%, bouncing off 6yr lows following the better-than-headline trade deficit and Fonterra payout upgrade.
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