Forex: NZD/JPY en route to 69.00; dreadful multi-year highs approached (Barcelona) - The Kiwi is surging to new highs and causing some major technical breakouts across the board. One of the worst performing currencies in recent weeks, the Japanese Yen, has seen a key level of protection at 68.00 being breached after the RBNZ statement, resulting on a fresh new 8-month high for the NZD/JPY.

The spike higher in the New Zealand Dollar has been in the tune of 40/45 pips, taking off at 67.90 to presently consolidate gains well above the round 68.00 prior to having printed its new multi-month highs at 68.32. The clean upside achievement opens the scope for further gains going forward, with more buyers expected to engage in pursue of March 20 high at the net round number 69.00, obvious target should Kiwi keep up its performance and BoJ/Mr.Abe feed market speculators with more 'shift to radical easing policy' comments.

For the NZD/JPY to trade above 69.00/69.50, it will be a hell of a challenge though, as this is the layer of offers having capped the pair since the GFC when it first was tested on Oct 2009. Ever since, there has been 5 failed attempts to break the psychological 70.00. Will this time be different? On the downside, expect 68.00/05 to provide a 'value area' to reinstate longs.