NZD/JPY struggles to justify the RBNZ rate hike during early Wednesday. The cross-currency pair initially jumped 40 pips on the Reserve Bank of New Zealand’s (RBNZ) rate hike announcement before attacking the intraday low surrounding 77.50, down 0.05% at the press time. Given the quote’s inability to cross a three-week-old resistance line, coupled with the downbeat Momentum line, NZD/JPY may witness a pullback towards the 200-DMA level of 77.18. However, any further weakness past 200-DMA will be challenged by an ascending support line from August 27, near 76.44. During the fall, the 77.00 threshold may offer an ... (full story)