NZD/JPY remains stuck in its multi-week range of 76.84-73.54 although recent signs point to a test of the downside ahead.
- Data on Monday showed that NZ confidence and building consents deteriorated significantly bolstering the case for more RBNZ easing in the upcoming month.
- There is scope for RBNZ to ease twice this year, but markets have fully priced in only one cut, making further downside vulnerable.
- On the other side, the Japanese Yen remains in demand on the back of the extension of risk-off trades amidst poor Chinese data.
- Technicals are inconclusive, immediate resistance is seen at 74.97 (5-DMA) and then 75 (10-DMA).
- 73.60 is strong trendline support on the downside, and breaks below could accentuate downside, test of 73.20 and then 72.42 levels then likely.
Recommendation: We remain on the sidelines for now, await further confirmation to go short.


FxWirePro: USD/CNY hovers near 3-1/2-year low ahead of U.S. data
FxWirePro : USD/JPY holds near 160 as yen remains under pressure
FxWirePro:NZD/USD drifts lower, could be on verge of bigger drop
FxWirePro: USD/ZAR edges higher after weak SA jobs and manufacturing data
NZDJPY Bullish at 365-EMA Support: Buy Dips Toward 95 Target
GBPJPY Consolidates Above 215 on Bullish Momentum: Buy Dips Toward 217
FxWirePro: EUR/AUD bears maintain upper hand
Nikkei Blasts Past 67K: AI Chip Frenzy Ignites 9% Surge From Yen Intervention Bottom
AUDJPY Holds Firm Above 112 on Broad Yen Weakness: Buy Dips Toward 115
FxWirePro:' USD/CAD faces downside risk below 1.4000
FxWirePro: GBP/NZD gains some upside momentum, but outlook is bearish
FxWirePro:EUR/NZD gains slightly as ranges remain tight ahead U.S. inflation report
JPY Currency Scoreboard: USDJPY and NZDJPY Emerge as Top Bullish Pairs to Watch
FxWirePro: GBP/AUD edges higher but bulls lack punch
FxWirePro- Major Crypto levels and bias summary
FxWirePro: EUR/AUD dips as Aussie gains after RBA decision 



