On Wednesday, the NZD\/JPY clings to its gains, up some 0.10%, amid a risk-off environment. A risk-off market mood triggered an equities selloff in the US stock market, influencing risk-sensitive currencies, like the NZD.
The NZD\/JPY is downward biased though a break above 77.00 would expose crucial DMAs. The NZD\/JPY edges up in the session, after Wall Street closed, gains some 0.22% after the Federal Reserve unveiled its monetary policy statement. At the time of writing, the NZD\/JPY is trading at 76.20.
In the meantime, the risk sentiment got a toll after Fed\u2019s Chairman Jerome Powell press conference, as shown by the NZD\/JPY hourly chart, which depicts the pair slumped 60-pips. However, in the aftermath of the press conference, the cross-currency pair trimmed some of its losses, trading at 76.20
The NZD\/JPY is downward biased per the daily chart. Nevertheless, JPY bulls have been unable to print a daily close below December 3, 2021, daily low at 75.96. The 50-day moving average (DMA) resides at 77.64, some 40-pips below the 200-DMA at 78.09, which is trapped between the former and the 100-DMA at 78.48.
That said, the NZD\/JPY first support would be 76.00. A breach of the latter would expose the January 24 swing low at 75,74. If that level is broken, the next stop for the cross-currency would be July 20, 2021, pivot low at 75.27, and then August 19, 2021, low at 74.56.
Contrarily, the NZD\/JPY first resistance would be January 26 daily high at 76.66. A daily close above that level would send the pair rallying towards January 21 daily high at 77.05, and then the 50-DMA at 77.64.<\/p>\n","protected":false},"excerpt":{"rendered":"
On Wednesday, the NZD\/JPY clings to its gains, up some 0.10%, amid a risk-off environment. A risk-off market mood triggered an equities selloff in the US stock market, influencing risk-sensitive currencies, like the NZD.The NZD\/JPY is downward biased though a break above 77.00 would expose crucial DMAs. The NZD\/JPY edges up in the session, after …<\/p>\n","protected":false},"author":13,"featured_media":55381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4707,37,36],"tags":[6885,6918,8624,7442,7167],"class_list":["post-59080","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-breaking-news","category-forex-markets","category-market-updates","tag-fed","tag-nzd","tag-risk-sensitive-assets","tag-us-shares","tag-yen"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=59080"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59080\/revisions"}],"predecessor-version":[{"id":59084,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59080\/revisions\/59084"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/55381"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=59080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=59080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=59080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}