- The New Zealand dollar posted gains of 3% vs. the Japanese yen amid a risk-on market mood.
- The euro and the Japanese yen suffered losses against most G8 currencies.
- NZD/JPY Price Forecast: The bias is upward, but the steepness of the rally might spur a correction before resuming up.
The NZD/JPY extends its gains in the week, surging in tandem with global equities courtesy of a positive market mood, despite ongoing fighting between Russia – Ukraine. At the time of writing, the NZD/JPY is trading at 82.25
The market mood is positive, as Wall Street closed the trading session with gains. In the FX space, safe-haven peers, except for the Swiss franc, dropped whilst risk-sensitive currencies advanced.
Overnight, the NZD/JPY was subdued around the 81.64 area but jumped once European traders got to their desks, reaching 82.10, a daily high at the time. Late in the day, the market mood improved, lifting the NZD/JPY towards new YTD highs around 82.36.
NZD/JPY Price Forecast: Technical outlook
NZD/JPY uptrend remains intact, despite that the 200-day moving average (DMA) is trapped between the 100 and the 50-DMAs. However, due to the steepness of the move, the cross-currency might aim for a correction before resuming upwards.
If the scenario plays out, the NZD/JPY first demand area would be 82.00. Once cleared, the next support would be 81.00, followed by March 14 daily high at 80.26. On the flip side, on the way north, the NZD/JPY’s first resistance would be September 2017, highs around 82.75, followed by the 83.00 mark, and the July 2017 high at 83.91.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD struggles to hold above 1.0400 as mood sours
EUR/USD stays on the back foot and trades near 1.0400 following the earlier recovery attempt. The holiday mood kicked in, keeping action limited across the FX board, while a cautious risk mood helped the US Dollar hold its ground and forced the pair to stretch lower.
GBP/USD approaches 1.2500 on renewed USD strength
GBP/USD loses its traction and trades near 1.2500 in the second half of the day on Monday. The US Dollar (USD) benefits from safe-haven flows and weighs on the pair as trading conditions remain thin heading into the Christmas holiday.
Gold hovers around $2,610 in quiet pre-holiday trading
Gold struggles to build on Friday's gains and trades modestly lower on the day near $2,620. The benchmark 10-year US Treasury bond yield edges slightly higher above 4.5%, making it difficult for XAU/USD to gather bullish momentum.
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin hovers around $95,000 on Monday after losing the progress made during Friday’s relief rally. The largest cryptocurrency hit a new all-time high at $108,353 on Tuesday but this was followed by a steep correction after the US Fed signaled fewer interest-rate cuts than previously anticipated for 2025.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.