NZD/JPY drifts sideways around 64.00

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NZD/JPY drifts sideways around 64.00

FITITOL--> FXstreet.com (San Francisco) - NZD/JPY remains in a trend-less period as investors await further cues from the European Central Bank policy meeting tonight where it is expected to cut interest rates to help the struggling euro zone economy.

The market has traded a limited range between 63.56 and 64.33 since the start of the week, last at 64.20 vs. 63.97 past Friday. For the past 26 hours, the pair has been bracketed within a 30-pip range, hovering above the 50% retracement zone of the 69.11/57.94 downswing. Should NZD/JPY manage to break out to the upside, it could encounter resistance at 64.80 (61.8%, mentioned selloff), while the downside may offer support at 63.79 (26 Jan low).