NZD/JPY Price Analysis: Fails to cross short-term hurdle below 79.00 despite RBNZ rate hike

NZD/JPY eases after refreshing weekly top, snaps three-day uptrend.
RBNZ matches market forecasts of a 25 bps rate hike.
200-DMA restricts immediate downside amid sluggish Momentum line.

Anil Panchal FXStreet

NZD/JPY struggles to justify the RBNZ rate hike during early Wednesday. The cross-currency pair initially jumped 40 pips on the Reserve Bank of New Zealand’s (RBNZ) rate hike announcement before attacking the intraday low surrounding 77.50, down 0.05% at the press time.

Read: NZD/USD whipsaws above 0.6950 on RBNZ rate hike

Given the quote’s inability to cross a three-week-old resistance line, coupled with the downbeat Momentum line, NZD/JPY may witness a pullback towards the 200-DMA level of 77.18.

However, any further weakness past 200-DMA will be challenged by an ascending support line from August 27, near 76.44.

During the fall, the 77.00 threshold may offer an intermediate halt whereas September’s bottom around 76.35 adds to the downside filters.

On the contrary, a daily closing beyond the stated resistance line, near 77.90 at the latest, needs validation from the recent swing high close to 78.15 before challenging the last month’s peak surrounding 78.65.

Should the NZD/JPY bulls remain dominant past 78.65, the 80.00 psychological magnet and the yearly high near 80.20 will be in the spotlight.

NZD/JPY: Daily chart

Trend: Pullback expected

Additional impotant levels

Overview
Today last price	77.59
Today Daily Change	-0.04
Today Daily Change %	-0.05%
Today daily open	77.63

Trends
Daily SMA20	77.52
Daily SMA50	77.14
Daily SMA100	77.53
Daily SMA200	77.17

Levels
Previous Daily High	77.73
Previous Daily Low	76.99
Previous Weekly High	78.15
Previous Weekly Low	76.44
Previous Monthly High	78.65
Previous Monthly Low	76.34
Daily Fibonacci 38.2%	77.45
Daily Fibonacci 61.8%	77.27
Daily Pivot Point S1	77.17
Daily Pivot Point S2	76.71
Daily Pivot Point S3	76.43
Daily Pivot Point R1	77.91
Daily Pivot Point R2	78.19
Daily Pivot Point R3	78.66

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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