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Above Pre December BoJ Meeting Levels, RBNZ In View

NZDJPY

In May NZD/JPY has risen ~4% and is above pre-December BoJ meeting levels. The pair rose ~0.6% yesterday as firmer US Treasury Yields weighed on the yen.

  • Bulls have broken ¥87.20 the high from 20 Dec, and now target ¥88.16 the high from 13 Dec. A break through here opens ¥90, round number resistance.
  • On the downside bears first look to break below the 20-Day EMA (¥85.23) from here they can target the 200-Day EMA (¥83.85).
  • Tomorrow's RBNZ meeting presents the next risk event for the pair, the bank is expected to raise the OCR 25bps to 5.50%.

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