NZD/JPY Price Analysis: New Zealand CPI helps it to pierce weekly falling trendline

NZD/JPY trades near two-day high after New Zealand’s Q4 CPI rose beyond expectations.
The pair now heads to 200-hour SMA.
23.6% of Fibonacci retracement can offer immediate support.

Anil Panchal FXStreet

NZD/JPY takes the bids to 72.50 during early Friday morning in Asia. In doing so, the pair crosses a one-week-old falling resistance line. The buyers seem to cheer upbeat data from New Zealand while portraying the recent run-up.

Read: Breaking: New Zealand Q4 CPI: YoY 1.9% / QoQ 0.5% (NZD bullish)

A 200-hour SMA level of 72.72 is a nearby upside barrier that the bulls are currently targeting. Though, 61.8% Fibonacci retracement of the pair’s declines from January 16 to 23, at 72.80, could restrict the pair’s further advances.

In a case where the NZD/JPY prices rally beyond 72.80, 73.00 can offer an intermediate halt to the rise targeting January 16 top surrounding 73.35.

Alternatively, pair’s downside break below 23.6% Fibonacci retracement level of 72.25 can recall Thursday’s low of 71.91 ahead of challenging the monthly bottom near 71.25.

NZD/JPY hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	72.46
Today Daily Change	2 pips
Today Daily Change %	0.03%
Today daily open	72.44

Trends
Daily SMA20	72.73
Daily SMA50	71.68
Daily SMA100	70.15
Daily SMA200	70.69

Levels
Previous Daily High	72.71
Previous Daily Low	72.33
Previous Weekly High	73.35
Previous Weekly Low	72.35
Previous Monthly High	73.57
Previous Monthly Low	70.37
Daily Fibonacci 38.2%	72.56
Daily Fibonacci 61.8%	72.47
Daily Pivot Point S1	72.28
Daily Pivot Point S2	72.11
Daily Pivot Point S3	71.89
Daily Pivot Point R1	72.66
Daily Pivot Point R2	72.88
Daily Pivot Point R3	73.04

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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