NZDJPY is on an Upward Trend, Awaiting Results of the NZ Central Bank Meeting【April 9, 2024】

April 09, 2024

Markets Analysis

Fundamental Analysis

  • The NZ central bank meeting is scheduled for April 10, with interest rates expected to be held steady.
  • NZDJPY continues to rise, surpassing the baseline.
  • Attention is on whether NZDJPY will break through the cloud.

NZDJPY technical analysis

Analyzing the daily chart of NZDJPY. NZDJPY is on an upward trend, with the RSI also at an upward trend level of 56. In the case of cross yen pairs, it’s also necessary to look at the trends of USDJPY and dollar-straight currency pairs.

USDJPY has stopped just before 152JPY, but the lows are rising. Also, NZDUSD is rebounding and rising.

Therefore, NZDJPY is also likely to rise. As a guideline, there’s a possibility of aiming for the milestone high of 92.20JPY. The tendency towards JPY weakening is likely to continue. Attention is also desired on the governor’s press conference after tomorrow’s NZ central bank meeting.

[NZDJPY/ D1]

Day trading strategy (1 hour)

Analyzing the 1-hour chart of NZDJPY. The conversion line has become a support line, indicating a strong upward trend. There is a strong resistance zone between 91.77JPY and 91.90JPY, so be aware of the possibility of a temporary pullback. The RSI is at 64, indicating stable rise.

If it reaches the 92JPY range, there is a possibility of a surge to aim for the high of 92.20JPY.

Today’s day trading strategy is to try buying once if it falls between 91.77JPY and 91.90JPY and then tries the 92JPY range again. The target price is 92.20JPY. If it reaches the 92JPY range without particularly reacting between 91.77JPY and 91.90JPY, consider watching as there might be a possibility of pullback.

Support/Resistance lines

The following are the support and resistance lines to consider moving forward.

91.90JPY – Weekly resistance line

91.80JPY – Fibonacci expansion 61.8%

91.77JPY – Monthly support line

[NZDJPY/ H1]

Market Sentiment

NZDJPY Sell: 46% Buy: 54%

Today’s important economic indicators

Economic indicators and eventsJapan time
FOMC Member Speech8:00

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.

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