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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NZD
The pair printed a fresh year to date high yesterday as NZD/JPY rose ~1.2% printing its highest level of 2023 and the highest since December's BoJ meeting. We now sit ~7% above 2023 lows in late March.
- Improved risk appetite as the S&P500 rose ~1.2% and firmer US Treasury Yields aided the pair yesterday.
- The technical picture looks increasingly bullish, the 20-Day EMA has provided support in recent dealing, and a golden cross was observed as the 50-Day EMA crossed the 200-Day EMA.
- Bulls now look to target ¥86.34 the 76.4% retracement of the Dec-Mar bear leg. This opens up ¥87.20 the high from 20 Dec.
- Bears first look to break below the ¥85 handle from here they can target the 200-Day EMA (¥83.90).
- Data-wise we have New Zealand Q1 PPI, which is due in 10 mins, and the NZ Government's budget on the wires today. Tomorrow April National CPI from Japan will cross.
Fig 1: NZD/JPY Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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