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KIWI: NZD/JPY yet again bounced off support from the psychological Y70.00 level
after testing it at the beginning of this month. The round figure is reinforced
by the 50% Fibonacci retracement of the Aug 26 - Dec 27 rally, located just
below, at Y69.93. Furthermore, a series of previous highs (from Oct-Nov 2019)
layered in that area add to its significance. A bullish 100-/200-DMA crossover
completed this week does not bode well for downside momentum either. It may be
too early to call for a rebound as 50- & 200-DMAs are pointing downwards. Still,
bulls should remain alert to any further developments. In particular, a close
above the Feb 5 high of Y71.31 would confirm the formation of a double bottom
pattern, putting them in the driving seat.
- The novel coronavirus has dominated news flow recently, albeit this week
participants have focused on the positives so far. Against this backdrop, the
RBNZ will deliver their first monetary policy decision in three months later
today. While policymakers are widely expected to leave the OCR unchanged,
language around the coronavirus situation will provide interest.
- See chart at: https://emedia.marketnews.com/marketnewsintl/NZDJPY12022020.png