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NZD/JPY briefly showed under Apr 23 low of.....>

KIWI
KIWI: NZD/JPY briefly showed under Apr 23 low of Y63.74 yesterday and today
managed to probe the water below that level again. After failing to establish
south of Y63.74, the pair bounced on the back of a recovery in risk appetite
seen as news wires carried strong Chinese trade data and reports re: coronavirus
research at Kao & Kitasato University. Spot now sits at Y63.91, 15 pips above
neutral levels.
- The rate traded sideways over the last two months or so and any breaches of
key technical levels will be closely watched. Bulls look for a break above the
50-DMA at Y64.93. A clearance of this initial barrier would expose the Y66.11-19
area, hosting the key Apr 30, Apr 10 & Mar 13 highs. Should these levels give
way, bulls would be able to assume control. Meanwhile, a clean break of Apr
23/May 6 lows of Y63.74/69 would draw attention to Y63.08, where the rate
bottomed on Apr 2.
- Just as a recap, New Zealand's 2-year inflation expectation fell to a record
low of 1.24%. We've heard comments from NZ gov't offl's, with PM Ardern
explaining "alert 2" rules & pointing to a gradual relaxation of restrictions.
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