FxWirePro: NZD/JPY recovers most of previous week's losses, stays capped below daily cloud
NZD/JPY extends gains on the day, erasing most of Thursday's losses. Renewed risk-on wave in the markets on positive data supporting the higher-yielding currencies. The pair is on track to close the week higher paring mo…
NZD/JPY extends gains on the day, erasing most of Thursday's losses. Renewed risk-on wave in the markets on positive data supporting the higher-yielding currencies.
The pair is on track to close the week higher paring most of last week's losses. We see scope for further upside.
Bank of Japan will hold its two day monetary policy meeting on 27-28 April where it is expected to decide policy rate and update forecasts inflation and growth figures.
Reuters poll shows 8 out of 16 analysts feel that the BOJ will take easing steps at 27-28 April meeting.
JGBs gained on Friday amid weak industrial production and expectation of further policy easing from BoJ.
Technicals also support upside in the pair. Stochs and RSI are biased higher, 5-DMA shows a bullish crossover on 10-DMA and MACD line is on the verge of a bullish crossover on signal line.
Pair is struggling below daily cloud currently spanning 76.04 to 78.03. Breaks above cloud base will see further gains.
