NZD/JPY has been range-bound either side of....>

KIWI: NZD/JPY has been range-bound either side of Y71.00; it last sits +2 pips

at Y71.01. Comments from central bank hasn't done much to move the needle as in

essence neither Orr nor Kuroda offered much new. The kiwi picked up a very

marginal bid as Orr said that the RBNZ is in no rush to cut interest rates, but

this was a mere rehash of his earlier claim that the MPC is satisfied with where

rates sit at present. Kuroda insisted that the BoJ remains ready to act, but

doesn't see the need. Elsewhere, Japan's CPI matched expectations, while flash

Jibun Bank PMIs slid with services & composite gauges entering contraction.

- Thursday saw both sides of the pair enter a race to the bottom. The kiwi's

wings were clipped by broader risk aversion, inspired by multiple worrying

signals re: Covid-19 epidemic. JPY failed to capitalise on these concerns and

was limited by a growing fear that Japan's economy could face recession. NZD/JPY

finished the day 12 pips below neutral levels.

- The 100-DMA at Y70.77 draws the initial bearish attention & below there would

open the Feb 18 low of Y70.10. Meanwhile, a clearance of the Feb 12 peak at

Y71.35 would give bulls the upper hand, exposing the 50-DMA at Y71.86.