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Grinding Higher, Recent Cycle Highs In Sight

NZDJPY

NZD/JPY has ground higher this month, after the formation of a bullish Harami candlestick pattern at the beginning of March heralded renewed gains. However, Feb 25 cycle high of Y79.21 still remains some way off.

  • The rate has added 23 pips so far and last trades at Y78.22, testing resistance from Mar 4 high. A clean break here would bring the aforementioned Feb 25 peak into view. Bears look for a retreat under Feb 26 low of Y76.98, followed by the 23.6% retracement of the Oct 30 - Feb 25 rally at Y76.77.
  • Price action has been driven primarily by broadly positive risk appetite.
  • On the data front, Japanese PPI matched expectations. In NZ, house sales & prices soared and food price index edged lower.
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