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Hits Best Levels Since 2019 After Strong NZ Jobs Report


The combination of an impressive round of Q4 jobs data released out of New Zealand & broader risk-on backdrop has given a boost to NZD/JPY, pushing the rate to levels not seen since Apr 2019. The kiwi took flight as strong labour market data resulted in the chance of any OCR cuts in 2021 being priced out by money markets, while the yen struggled amid a positive showing from Japanese & U.S. equity markets.

  • NZD/JPY has already added 32 pips today and changes hands at Y75.81. Topside focus turns to Apr 15 high, 2019/psychological resistance at Y75.96/76.00 and a clean break here would bring Mar 21, 2019 high of Y76.78 into view. Meanwhile, a dip through Feb 1 low of Y74.92 would encourage bears to target Jan 28 low/the key 50-DMA at Y74.13/12.

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