NZD/JPY Price Analysis: Trades at fresh five-week-lows around 83.40s

The NZD/JPY collapses more than 1.50% on Tuesday.
China’s Covid-19 woes triggered a flight to safe-haven assets, and the JPY rose.
NZD/JPY Price Forecast: Mixed signals between price action and market sentiment suggest that the NZD/JPY is tilted to the downside.

Christian Borjon Valencia FXStreet

The New Zealand dollar follows the footsteps of the risk-sensitive currencies battered on Tuesday, amid increasing concerns that China’s coronavirus outbreak and its zero-covid policy create a cocktail that threatens to disrupt the supply chain, spurring elevated prices. Those factors weighed on market sentiment, propelling further yen upside. At the time of writing, the NZD/JPY is trading at 83.36.

Additionally, the Ukraine-Russia hostilities remain and escalated. According to Reuters, Gazprom halted gas deliveries to Bulgaria, while Polish firm PGNIG said Russia would stop gas deliveries starting April 27th.

On Tuesday, the NZD/JPY began the session around 84.73, shy of the daily highs, and dipped towards 84.50 due to negative sentiment in the markets. Nevertheless, the PBoC cutting RRR 100 bps caused a bounce towards the 85.00-14 area, retreating afterward towards the daily low around 83.40, on a negative sentiment shift.

NZD/JPY Price Forecast: Technical outlook

From a technical perspective in the daily chart, the NZD/JPY pair is upward biased. However, the market is being driven by market sentiment, and given that the NZD/JPY broke below March’s 31 low at 84.24, it opened the door for a fall towards October 2021 highs around 82.50.

With that said, the NZD/JPY first support would be the 83.00 figure. A breach of the latter would expose the S1 daily pivot at 82.56, followed by October 2021 highs near 82.50. Once cleared, the next line of defense downwards would be the S2 daily pivot at 82.27.

Key Technical Levels

NZD/JPY

Overview
Today last price	83.36
Today Daily Change	-1.33
Today Daily Change %	-1.57
Today daily open	84.8

Trends
Daily SMA20	85.52
Daily SMA50	82.09
Daily SMA100	79.69
Daily SMA200	78.99

Levels
Previous Daily High	85.46
Previous Daily Low	84.13
Previous Weekly High	87.35
Previous Weekly Low	85.06
Previous Monthly High	86.96
Previous Monthly Low	77.39
Daily Fibonacci 38.2%	84.64
Daily Fibonacci 61.8%	84.95
Daily Pivot Point S1	84.13
Daily Pivot Point S2	83.46
Daily Pivot Point S3	82.79
Daily Pivot Point R1	85.47
Daily Pivot Point R2	86.14
Daily Pivot Point R3	86.81

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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