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Rangebound Ahead Of BoJ Comments, RBNZ MonPol Decision

NZDJPY

NZD/JPY has held a tight 14 pip range so far, as a dearth of data/headline catalysts has translated into limited activity. The rate last trades at Y78.58, a handful of pips lower on the day.

  • The 50-DMA has provided support this month and bears initially look for a dip through that moving average, which intersects at Y77.91. A breach of that level would open up May 4 low of Y77.71. Bulls look for a move through May 14 high of Y79.35, towards May 10 cycle high of Y79.43.
  • Implied overnight vol has moved higher and last sits at 12.73%, close to yesterday's two-week high of 12.96%.
  • The RBNZ's latest Monetary Policy Statement, due at the top of the hour, provides the main point of note today. Before that, BoJ's Suga is set to deliver a speech at the bottom of the hour.

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