NZD/JPY is trying to find a bottom. Here's how it could

Technical Analysis

Author: Adam Button | nzdjpy

It will take more than one good New Zealand GDP print

The New Zealand dollar is the top performer this week and the yen the laggard. It's the second week in a row of gains for the old carry trade pair. It was also the best week for this pair in a year as it gained 2.4%.

The weekly chart is showing a potential double bottom at 72.30, which was also the area of support in 2016 that led to a rip up to 83.00.

The big story here is that the mood on global growth has done a 180-degree turn since the start of the month and if that continues, NZD/JPY is a great place to stay and you can earn some positive carry while you're waiting.

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