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Continued Rally Takes NZD/JPY To Two-Year Highs


NZD/JPY has punched through yesterday's highs, carried by continued risk-on feel, which has seen e-minis showing at fresh all-time highs. New Zealand authorities monitor the local Covid-19 situation, as Auckland has entered the second day of its snap lockdown, and declared no new community cases of the disease today. BoJ Gov Kuroda offered little of note in his latest parliamentary testimony.

  • Implied 1-month NZD/JPY volatility has edged higher this morning and last sits at 8.5225 after printing lowest levels since Aug 2020 yesterday.
  • The spot trades at Y76.33, 17 pips better off, when this is being typed. The key near-term resistance is provided by Y76.78, which represents Mar 21, 2019 peak. Conversely, a pullback under Feb 11/5 lows of Y75.36/33 is needed to give bears some reprieve and open up Feb 1 low of Y74.92.

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