The Kiwi lost ground to the Yen in last Friday’s New York session. But how does it trade presently? Look into the latest 5 February NZDJPY Technical Outlook to see.
5 February, GKFX – NZD/JPY opens the week slipping lower, testing below 80.10 as Asiatic markets begin their trading week.
- Kiwi continuing to lose ground against the Yen.
- RBNZ key rate decision this week.
The Kiwi lost ground to the Yen in last Friday’s New York session after a Dollar-positive NFP Friday sent more traders piling into the Yen, as inflation fears begin to take a toll on equity markets; that trend appears set to continue into the new week, sending NZD lower in early trading against the Yen.
New Zealand markets will be closed on Tuesday for the Waitangi Day holiday, and 4th quarter unemployment data for the country will release later the same day at 21:45 GMT; the Royal Bank of New Zealand will be releasing their monetary policy statement at 08:00 on Wednesday, with their key interest rate decision and following press conference at 09:00.
The Yen has been marked as a market contender lately, as improving global economic activity and spikes in bond yields have sent equities lower, driving up demand for the popular Japanese currency.
5 February NZDJPY Technical Outlook
The Daily charts found support at the 200-day SMA recently, and technical indicators have started to run out of gas on their bearish signals as the price has failed to establish a convincing downtrend, and price may find support from the 34 EMA at 80.00 if price continues to drift lower.
Today’s pivot points:
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