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Down 3% From Year to Date Highs, Below 20-Day EMA

NZDJPY

NZD/JPY has fallen ~3% after printing a year to date high on Tuesday, losses extended through yesterday's session after the RBNZ signalled its tightening cycle was over. The pair has held below its 20-Day EMA in early dealing today.

  • The pair sits a touch above the ¥85 handle after being unable to sustain a break of the handle this morning.
  • Bears now target a break of yesterday's low at ¥84.70, which opens up the 200-Day EMA (¥83.85).
  • Bulls immediate attention is on the 20-Day EMA (¥85.15), from here they look to target the high from 17 May (¥86.17).

Fig 1 NZD/JPY Daily Spot, EMAs

Source: MNI/Bloomberg

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