NZD/JPY Price Analysis: Declines to 84.40 on lower RBNZ inflation expectations


  • A lower print of RBNZ inflation expectations at 3.07% vs. 3.29% has brought a sell-off.
  • The kiwi bulls are attempting an establishment above 50% Fibo retracement.
  • Momentum oscillators RSI (14) has shifted into the bullish range of 60.00-80.00.

The NZD/JPY pair surpassed the immediate hurdle of 84.62 in the Asian session but has slipped back inside the wood on a surprisingly downward shift in Reserve Bank of New Zealand (RBNZ) inflation expectations. The economic data has released at 3.07%, lower than the prior release of 3.29%. The cross has displayed a bullish open-drive session in which the asset initiates moving upside right from the first tick of the session. On a broader note, the asset has given an upside break of the consolidation formed in an 83.50-84.07 range.

On an hourly scale, the asset crossed the downward-sloping trendline placed from July 20 high at 86.60 but has slipped lower again. Also, the cross if finding cushion around 50% Fibonacci retracement (which is placed from July 20 high at 86.60 to Aug 2 low at 82.14) at 84.32.

The asset has crossed the 50-and 200-period Exponential Moving Averages (EMAs) at 84.00 and 84.11 respectively. It is worth noting that the 200-EMA is auctioning higher than the 50-EMA, which indicates that the buying interest is extremely strong.

Also, the Relative Strength Index (RSI) (14) has shifted into the 60.00-80.00 range, which adds to the upside filters.

A beak above Monday’s high at 84.72 will drive the asset towards 61.8% Fibo at 84.90, followed by July 27 high at 85.65.

On the flip side, the yen bulls could gain strength if the cross drops below 50-EMA at 84.00. An occurrence of the same will drag the asset towards Thursday’s low and 23.65 Fibo at 83.46 and 83.19 respectively.

NZD/JPY hourly chart

NZD/JPY

Overview
Today last price 84.38
Today Daily Change -0.02
Today Daily Change % -0.02
Today daily open 84.4
 
Trends
Daily SMA20 84.72
Daily SMA50 84.79
Daily SMA100 84.39
Daily SMA200 81.28
 
Levels
Previous Daily High 84.62
Previous Daily Low 83.46
Previous Weekly High 84.76
Previous Weekly Low 82.14
Previous Monthly High 86.6
Previous Monthly Low 83.02
Daily Fibonacci 38.2% 84.18
Daily Fibonacci 61.8% 83.91
Daily Pivot Point S1 83.7
Daily Pivot Point S2 83
Daily Pivot Point S3 82.54
Daily Pivot Point R1 84.86
Daily Pivot Point R2 85.32
Daily Pivot Point R3 86.03

 

 

 

 

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