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The price of NZDJPY could trade higher on the recent JPY weakness however, price is approaching minor highs, will the price break?
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NZDJPY To Break Weekly Highs?
The NZDJPY currency pair has been trading within a weekly range between 87.50 highs and 80.75 lows. Recently, the price has found support and the currency strength meter suggests that the New Zealand Dollar is strong while the Japanese Yen is weak.
Fundamentally, the Bank of Japan has remained dovish in its monetary policy, causing the JPY to weaken. This dovish stance has been reflected in the central bank’s decision to maintain its ultra-low interest rates and asset purchases, which has led to a depreciation of the JPY.
Looking at the lower time frames, the price of the NZDJPY is approaching highs at 85.00. If the price is going to continue higher, it needs to break these highs. A break above 85.00 could signal further strength for the NZD, and could potentially lead to a test of the weekly range highs at 87.50.
However, it’s important to keep in mind that the currency markets are influenced by a wide range of factors and are highly unpredictable. While the current conditions may suggest a bullish outlook for the NZDJPY, it’s always important to keep an eye on any potential economic or political developments that could impact the currency pair’s movement.
To conclude, the current market conditions suggest that the NZDJPY currency pair is approaching highs at 85.00. But, it’s important to be aware of the other factors that can affect the currency pair, and do your own research before making any trading decisions.
Have you watched our Week Ahead analysis? You can see it here.
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