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NZD to YEN Exchange Rate

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When converting New Zealand dollars (NZD) to Japanese Yen (YEN), or YEN to NZD, by exchanging via Direct FX, you will save a significant amount of money. Our wholesale currency exchange rates for money transfers are significantly more competitive than bank foreign exchange rates. Being Australasian based, we specialise in knowing what drives NZD and YEN currency conversion rates.

NZD to YEN Overview:The NZD is regarded as a "growth currency", and will therefore generally appreciate when the global economic outlook is positive. The YEN is seen as a “safe haven currency”, and will therefore generally appreciates in times of global uncertainty. As a result the NZD to YEN rate is relatively volatile and not always indicative of the two economies fundamentals.
 
Historical Ranges: 1 year  5 years 10 years 
NZD/YEN 75.95 - 89.13 72.37 - 105.41 55.08 - 107.82

Current Official Cash Rates:
Reserve Bank of New Zealand (RBNZ): 1.75%         Bank of Japan (BOJ): -0.1%

NZD YEN Weekly Updates:                                                                                Back to FX Updates
Friday 20th October 3:00pm(NZT)
The New Zealand dollar has seen dramatic losses across the board in the past 24 hours on the back of the NZ First / Labour coalition announcement. Against the Japanese Yen this saw the cross trade from a high of 80.94 yesterday, to a low early this morning of 78.91. There is solid support around the 78.20 level and I would expect that to contain any potential further near term weakness. That being said, for now the risks remain skewed to the downside and we may well see some further pressure on the NZD as we head into next week.
The current interbank midrate is:    NZDJPY 79.10

The interbank range this week has been:    NZDJPY 78.92 - 80.95
Tuesday 17th October 4:30pm(NZT)

The NZD is now at 80.35 against the Japanese Yen after a high earlier today around 80.84. A mild risk-on appetite has knocked the JPY, but for a push to the 81.00 and above region, the NZ coalition talks will have to have produced a clear government outcome.

  Current Level Support Resistance Last week's range
NZD/YEN 80.40 78.50 82.50 79.28 - 80.66

Friday 13th October 3:30pm(NZT)
The more assertive New Zealand dollar has climbed to 80.00 against the Japanese Yen. It looks like the NZD is having hard work pushing much higher and this situation should hold until the political uncertainty is resolved next week.
The current interbank midrate is:    NZDJPY 79.99

The interbank range this week has been:    NZDJPY 79.28 - 80.34
Tuesday 10th October 4:00pm(NZT)

Now at 79.80 and with the weaker NZD tone look for a test of the 79.00 level in the next few days. Any uptick in Korean tensions is likely to see 78.00 support threatened.

  Current Level Support Resistance Last week's range
NZD/YEN 79.69 78.00 81.50 79.42 - 81.26

Friday 6th October 3:30pm(NZT)
We have seen a downwards drift for the New Zealand dollar vs the Japanese Yen recently. It is now at 80.16 but still in a broad 79.80- 82.00 range. NZ political uncertainty favours the JPY but should stay within the range into next week.
The current interbank midrate is:    NZDJPY 87.96

The interbank range this week has been:    NZDJPY 80.12 - 81.42
Tuesday 3rd October 4:30pm(NZT)

Sideways trading on this cross, now at 81.20 with little clear direction 81.70-80.50 range should hold over the next few days. Any increase in risk-off sentiment will serve the JPY well.

  Current Level Support Resistance Last week's range
NZD/YEN 81.19 78.50 82.50 80.85 - 81.50

Friday 29th September 4:30pm(NZT)
The New Zealand dollar is now around 81.22 against the Japanese Yen. It has the yield advantage but any increase in risk-off sentiment will see the JPY spike. It should hold an 81.64 - 80.47 range into next week.
The current interbank midrate is:    NZDJPY 81.22

The interbank range this week has been:    NZDJPY 80.85 - 82.35
Tuesday 26th September 5:30pm(NZT)

The NZD has slipped against the Japanese Yen to now trade around 80.87. Although Japanese election may cause some initial JPY weakness, safe haven flows should eventually weigh-in....a break of 80.65 would test the 80.00 psychological support level.

  Current Level Support Resistance Last week's range
NZD/YEN 80.75 78.50 82.50 81.13 - 82.69

Friday 22nd September 4:00pm(NZT)
The Bank of Japan this week has helped the NZD on a yield basis with no change in interest rate outlook, but with Nth Korean tensions simmering, the Japanese Yen safe haven status still appeals. It is now at 81.42, should hold at current levels to close the week.
The current interbank midrate is:    NZDJPY 81.46

The interbank range this week has been:    NZDJPY 79.65 - 82.69
Friday 15th September 4:00pm(NZT)
Still choppy trading on this cross as the risk sentiment profile moves. The New Zealand dollar is now at 79.55 Yen but could push on to 79.00/79.20 in the short term, but very susceptible to changes in risk.
The current interbank midrate is:    NZDJPY 79.60

The interbank range this week has been:    NZDJPY 78.22 - 80.38
Tuesday 12th September 4:00pm(NZT)

This pair now trades at 0.6062 with the New Zealand dollar higher after comments from the ECB officials sounding a warning over EUR strength. NZD now has potential to push higher towards 0.6100 in the short term as the EUR moderates further.

  Current Level Support Resistance Last week's range
NZD/YEN 79.08 78.25 80.20 78.20 - 79.43

Friday 8th September 4:00pm(NZT)
The NZD has maintained a sideways pattern over the last few days , now at 78.70 after a low of 78.17 for the week...given the JPY safe-haven status look for test of downside back at 78.20/25 next week.
The current interbank midrate is:    NZDJPY 78.86

The interbank range this week has been:    NZDJPY 78.09 - 79.09
Tuesday 5th September 4:00pm(NZT)

The Japanese Yen continues to dominate in this cross and with the rise in Korean tensions again this should continue throughout the week. It is now at 78.38 and looks soft. We look for a test of 78.25 support which if broken (likely) would target 78.00 then 77.60.

  Current Level Support Resistance Last week's range
NZD/YEN 78.32 78.25 79.50 78.09 - 79.90

Friday 1st September 4:00pm(NZT)
Trading has been choppy for the NZDJPY over the week in a 78.26-79.25 range. It is now at 78.96 should go into next week at current levels but look for a move back to the lower end of the range on any ramp up of Nth Korean fears and uncertainty around NZ elections.
The current interbank midrate is:    NZDJPY 78.95

The interbank range this week has been:    NZDJPY 78.30 - 79.90
Tuesday 29th August 4:30pm(NZT)

The New Zealand dollar remains firmly under the 80.00 level against the Japanese Yen, at 78.72 currently after making a 78.27 low earlier after the Korean missile news was released. This cross is once again susceptible to safe-haven flows and any further escalation in tensions will likely see further losses. It should hold above 78.40 support as longer as geopolitical risk does not increase.

  Current Level Support Resistance Last week's range
NZD/YEN 78.61 78.40 79.50 78.30 - 80.07

Friday 25th August 3:30pm(NZT)
The New Zealand dollar has been as low as 78.47 against the Japanese Yen after the Treasury forecast disappointed. Now back at 79.06 and if risk-on tone stronger next week could push up to the 79.50 cap.
The current interbank midrate is:    NZDJPY 79.13

The interbank range this week has been:    NZDJPY 78.50 - 80.34
Tuesday 22nd August 3:30pm(NZT)

The NZD continues to trade sideways with little clear direction. It is marginally stronger at 79.98, but in the current nervous market upside at 80.35 should hold. 79.05 is immediate support.

  Current Level Support Resistance Last week's range
NZD/YEN 79.98 78.95 81.00 79.53 - 80.61

Friday 18th August 3:30pm(NZT)
The New Zealand dollar continues be hit by a stronger Japanese Yen boosted by the risk-off tone. It is now at 79.70 and may test 79.05 being last week’s low if risk aversion continues next week.
The current interbank midrate is:    NZDJPY 79.75

The interbank range this week has been:    NZDJPY 79.12 - 80.61
Tuesday 15th August 3:30pm(NZT)

The New Zealand dollar has moved back to 80.40 level vs the Japanese Yen on the risk-off tone, this reprieve looks temporary and with better JPY data look for a move back to the 79.50 level initially.

  Current Level Support Resistance Last week's range
NZD/YEN 80.51 78.95 83.00 79.09 - 81.43

Friday 11th August 3:00pm(NZT)
It has been hard for the New Zealand dollar to hold against the stronger Japanese Yen this week as risk-aversion takes hold. The pair is now at 79.30 and has potential to move to immediate support level 78.95 over the next day or so. More than any other cross rate, the NZDJPY has tended to trend significantly over the past year or so, and as such it would be foolish to try and call end to this current run. The trend is definitely your friend on this cross. If you are holding onto Yen waiting for an opportunity to convert back to NZD, a little more patience may pay dividends.
The current interbank midrate is:    NZDJPY 79.30

The interbank range this week has been:    NZDJPY 79.09 - 82.25
Tuesday 8th August 4:00pm(NZT)

It has been hoppy trading on the NZD/JPY over the last couple of days with the New Zealand dollar considerably weaker today at 81.35 Yen after a high of 0.82.15 yesterday. The NZD should hold above 81.00 until Thursday but this is level is now looking precarious.

  Current Level Support Resistance Last week's range
NZD/YEN 81.33 81.30 83.00 81.36 - 82.78

Friday 4th August 3:00pm(NZT)
The New Zealand dollar has slipped lower against the Japanese Yen over the week. It is now at 81.80 well down on the 83.11 seen on Monday. Now that 82.30 support is broken we look for 81.30 to be under threat early next week.  81.00 should hold until Thursday’s RBNZ. We view current levels as still good value for those looking to transfer NZD to JPY.
The current interbank midrate is:    NZDJPY 81.80

The interbank range this week has been:    NZDJPY 81.73 - 83.32
Friday 28st July 1:00pm(NZT)
It’s been a very interesting week for this pair as the New Zealand dollar significantly outperformed the Japanese Yen. It wasn’t fundamental data from either country that dove the move, but rather volatility in the wider market as the USD saw broad base, and at times very sharp, declines. During this period of NZD outperformance the cross to the Yen traded up and tested the key resistance level around 83.80. As expected that area managed to cap the gains and we have now seen the start of, what will hopefully be, as significant correction lower. The initial target for this correction is the 82.00 area. Any break below there will then target 80.70.
The current interbank midrate is:    NZDJPY 83.30

The interbank range this week has been:    NZDJPY 82.31 - 83.91
Tuesday 25th July 1:00pm(NZT)

Although the NZDJPY has given some indications recently that the broader rally is running out of momentum, the pair is yet to see any significant pullback. The being said, the New Zealand dollar couldn’t make fresh highs against the Yen last week, failing on any attempt toward the 83.20 level. That doesn’t mean it won’t stage some further attempts to rally, but with key resistance coming in around the 2016 high at 83.80, gains past that level seem unlikely. We favour selling into any potential further strength.

  Current Level Support Resistance Last week's range
NZD/YEN 82.72 82.00 83.80 81.69 - 83.18

Friday 21th July 1:00pm(NZT)
After breaking below key trend support on Tuesday the NZDJPY has managed a decent recovery particularly in the past 24 hours. The New Zealand dollar traded up to 83.03 Yen last night, driven by strength in the local currency. Although further gains can’t be ruled out, Tuesday’s break of trend support is a sign that momentum in the broader rally, which started back in mid-May, is waning and the pair may not be far away from forming a major top. Exactly where that comes in is impossible to say, but it seems likely that key resistance around 83.75 will provide a very strong topside barrier. That level capped the pair on two separate occasions around the turn of the year. There should be plenty of speculative NZD sellers on any attempt toward that level.
The current interbank midrate is:    NZDJPY 82.80

The interbank range this week has been:    NZDJPY 81.69 - 83.18

 
Tuesday 18th July 1:00pm(NZT)

The big uptrend that has dominated this pair since mid-May has been dealt a decisive blow this morning. Soft NZ inflation data has hurt the New Zealand dollar and against the Japanese Yen the cross has now broken key trend line support, which was at 82.15. That level will now provide resistance on any attempts to rally. The move today could well signal the end of the NZDJPY rally and the risks are now firmly on the downside. The initial target is now support around the 80.50 area. We do have a diary auction tonight which could easily influence the local currency, but it would take a very positive outcome to negate the big negative signal that is this morning’s break below trend line support. Those looking to buy JPY should deal at the current market, or take advantage of any potential bounce in the NZD.

  Current Level Support Resistance Last week's range
NZD/YEN 81.92 80.50 82.15 81.87 - 83.27
 
Friday 14th July 12:00pm(NZT)
The New Zealand dollars relentless rally against the Japanese Yen remains intact and last night the pair briefly traded to fresh cycle highs at 83.23. It hasn’t been all one way traffic however as a period of NZD weakness mid-week saw the pair trade down close to key trend line support around 81.80. That support now comes in around 81.95 and while above that level the risks remain skewed toward further gains. That being said, this rally is now getting a little long in the tooth, and there are tentative signs momentum is waning. Combined with that we have very strong resistance around the 83.75 level and I suspect that area will cap the pair. It could easily put in another major top somewhere close to that resistance level. Those looking to purchase Yen shouldn’t get greedy at this late stage in the rally and be happy to lock a rate in when the wholesale market is anywhere close to, or over, 83.00.
The current interbank midrate is:    NZDJPY 82.91

The interbank range this week has been:    NZDJPY 81.93 - 83.23
Tuesday 11th July 1:00pm(NZT)

Unlike many other New Zealand dollar pairings, the NZDJPY has been in the midst of a significant rally over recent weeks. This move has largely come from weakness in the Japanese Yen as the BOJ continue to reaffirm their determination of keep ultra easy monetary policy until 2% inflation is reached. At this stage there is no sign the rally is over so the risks remain skewed to the topside. That being said, there is key resistance not far away at 83.70 and it should prove very tough to overcome. The pair failed at that level twice back in December and January and it may well cap this rally as well. Those looking to purchase Yen should take advantage to the current strength. Any move back below 81.80 would be a negative signal and would likely encourage further selling.

  Current Level Support Resistance Last week's range
NZD/YEN 82.75 81.80 83.70 82.07 - 83.16

Friday 7th July 4:30pm(NZT)
The NZD made a 6 month high of 82.89 Yen last night. It is a little softer now at 82.74 but another push towards 83.00 looks likely next week.
The current interbank midrate is:    NZDJPY 82.84

The interbank range this week has been:    NZDJPY 81.87 - 82.90
Tuesday 4th July 4:30pm(NZT)

The New Zealand dollar made a five month high of 82.81 yesterday, has backed off a little and is now around 82.40, as the USD becomes more favoured the JPY is under pressure. If US data is solid a push on this cross to 83.00 is possible over the next few days.

  Current Level Support Resistance Last week's range
NZD/YEN 82.40 81.50 83.00 81.33 - 82.82

Friday 30th June 3:30pm(NZT)
The NZD has held firm against the Japanese Yen. It has been up to 82.35, is now back below the 82.00 mark at 81.94 but looks well supported and has potential to move higher. This rally looks to have some more legs in it yet.
The current interbank midrate is:    NZDJPY 82.00

The interbank range this week has been:    NZDJPY 80.82 - 82.35
Tuesday 27th June 4:00pm(NZT)

The New Zealand dollar still holds comfortably over the 81.00 level against the Japanese Yen, now trading at 81.56. It remains in an uptrend and the next key level is 81.75 then 82.60.

  Current Level Support Resistance Last week's range
NZD/YEN 81.61 81.00 81.75 80.27 - 81.68

Tuesday 20th June 3:30pm(NZT)

The NZD continues to hold firm against the Japanese Yen. It made a high of 81.00 last night and is now trading at 80.70. Given the steep climb over the last week we would expect some pullback and consolidation. Immediate support is at 79.80.

  Current Level Support Resistance Last week's range
NZD/YEN 80.74 78.25 79.75 78.98 - 81.01

Friday 16th June 8:45pm(NZT)
The New Zealand dollar has made some significant gains against the Japanese Yen this week, despite some softer than forecast NZD data. The pair has broken above 80.00 this afternoon, and while the focus remains on the topside, key resistance is not far away. The 80.50 area should prove difficult to overcome and I would expect gains to stall as we approach there.
The current interbank midrate is:    NZDJPY 80.17

The interbank range this week has been:    NZDJPY 78.95 - 80.23
Tuesday 13th June 4:00pm(NZT)

The NZD continues to perform well against the Japanese Yen. It’s now at 79.38 after a 79.73 high last week. We expect it should hold around current levels ahead of Thursday’s FOMC, any return to more risk-off tone should see another push towards 80.00.

  Current Level Support Resistance Last week's range
NZD/YEN 79.42 78.25 79.75 78.44 - 79.75

Thursday 8th June 4:45pm(NZT)
The risk-on tone of the last day or so has seen the New Zealand dollar climb to a 79.20 high where it is currently trading. Any bad news from tonight’s events would favour the safe-haven JPY, but barring this a push towards 79.66/75 is likely next week.
The current interbank midrate is:    NZDJPY 79.11

The interbank range this week has been:    NZDJPY 78.42 - 79.22
Tuesday 6th June 4:00pm(NZT)

The NZD has drifted lower against the stronger Japanese Yen after the US jobs figure, now around 78.50 after a high of 79.12 last Friday, immediate support is at 78.30 but this should hold and we see sideways trading over the next 2-3 days.

  Current Level Support Resistance Last week's range
NZD/YEN 78.49 77.95 79.20 78.10 - 79.11

Friday 2nd June 4:45pm(NZT)
Little changed at the 78.86 level after a low of 77.95 for the week, has held well above 78.00 for the last 3 days and we look for a move on the 79.00 region next week.
The current interbank midrate is:    NZDJPY 78.88

The interbank range this week has been:    NZDJPY 78.01 - 78.96
Tuesday 30th May 4:15pm(NZT)

The New Zealand dollar is marginally lower against the Japanese Yen at 78.10 after a 78.90 high overnight. Immediate support is around 77.65, but really no clear direction in this cross at the moment, if it can hold the 78.00 handle a move back towards 78.40 is possible.

  Current Level Support Resistance Last week's range
NZD/YEN 78.16 77.65 78.50 77.90 - 78.91

Tuesday 23rd May 4:15pm(NZT)

As the risk appetite returns the JPY has lost some of its lustre, the New Zealand dollar now at 78.00 on this cross. The next stop is 78.50 but consolidation around current levels is more likely before this can occur.

  Current Level Support Resistance Last week's range
NZD/YEN 77.89 77.00 78.50 76.29 - 78.25

Friday 19th May 4:15pm(NZT)
The New Zealand dollar has broken through on the downside against the Japanese Yen, breaching support at 77.57 and now trading at 76.54. Immediate support is around 76.25 then deeper at 75.60. We would expect some consolidation at current levels but downside is favoured next week.
The current interbank midrate is:    NZDJPY 76.57

The interbank range this week has been:    NZDJPY 76.29 - 78.50
Tuesday 16th May 4:15pm(NZT)

Currently around 78.17 after a low yesterday of 77.58. The bounce higher has kept the New Zealand dollar in a broad uptrend channel, but any breach below 77.57 could extend to 76.98, although we favour the upside for the moment. Holding above 78.00 indicates an uptick to the 78.50 and above region.

  Current Level Support Resistance Last week's range
NZD/YEN 78.15 77.00 78.50 77.53 - 79.35

Friday 12th May 4:15pm(NZT)
Not a great week for the New Zealand dollar on this cross. It has fallen from a high of 79.35 down to current levels at 77.65 and should hold here to finish the week. The trend looks bearish and support around 77.00 could be tested next week.
The current interbank midrate is:    NZDJPY 77.71

The interbank range this week has been:    NZDJPY 76.98 - 79.35
Tuesday 9th May 8:15pm(NZT)

The New Zealand dollar has pushed back over the 78.00 level against the Japanese yen. It’s currently around 78.25 and looks to track higher given the NZD support. There is some minor resistance at 78.50 but it should overcome this to go against next resistance level at 78.76.

  Current Level Support Resistance Last week's range
NZD/YEN 78.18 77.60 78.76 76.98 - 78.46

Friday 5th May 3:45pm(NZT)
The New Zealand dollar has seen choppy trading against the Yen this week. After a low of 76.28 on Monday it recovered to a high of 78.00 but is now back at 77.30. No clear trend but we favour a gradual push back towards the 78.00 mark.
The current interbank midrate is:    NZDJPY 77.30

The interbank range this week has been:    NZDJPY 76.35 - 78.02
Tuesday 2nd May 7:15pm(NZT)
The New Zealand dollar has rallied from 76.11 last week back to 77.58, currently trading around 77.48 , is marking time but has potential to extend gains to the 77.80/90 mark ...tomorrow's NZ jobs data may help .
  Current Level Support Resistance Last week's range
NZD/YEN 77.44 76.00 77.90 76.14 - 77.61

Friday 21st April 11:40am(NZT)
The New Zealand dollar has managed to make some minor gains against the Japanese Yen this week. It’s the first real sign of strength since late January when the pair entered a broad downtrend. It’s too early to say that downtrend has run its course, but the move up through initial resistance around 76.50 suggests the risks are now more balanced. Dips toward 75.60 should now run into good support and if that level can contain any periods of weakness then a broader recovery toward 77.60 may well unfold.
The current interbank midrate is:    NZDJPY 76.44

The interbank range this week has been:    NZDJPY 75.87 - 76.76
Tuesday 18th April 7:15pm(NZT)
The New Zealand dollar remains trapped in a downtrend against the Japanese Yen that started back in late January. Last week it saw the pair trade to a low of 75.65 before a small bounce ensued. So far there is nothing to suggest the downtrend is running out of steam and as such the risks remain skewed toward further losses. It would take a move above 76.60 to signal that the downtrend may be under threat. Until then, the outlook is for further losses. Geopolitical concerns have certainly played a part in this move and it’s hard to see any significant improvement on that front this week.
  Current Level Support Resistance Last week's range
NZD/YEN 76.41 75.00 76.60 75.69 -76.98

Tuesday 11th April 4:15pm(NZT)
The New Zealand dollar remains in a significant downtrend against the Japanese Yen, which started around 83.50 at the end of January. It is now at 77.05 after recovering from the low of 76.65 on Friday as the safe-haven trade trend weakens. Geopolitical concerns still favour the JPY and we look for another test on 76.65 later in the week.
  Current Level Support Resistance Last week's range
NZD/YEN 76.93 76.50 78.00 76.68 - 77.51

Friday 7th April 5:50pm(NZT)
The NZDJPY has broken through support to now trade at 76.95 as increasing geopolitical concerns drive safe haven flows into the JPY. The pair has been down to 76.65 and we expect a retest of this level in the next 24/48 hours. For the time being the risks remain skewed to the downside.
The current interbank midrate is:    NZDJPY 77.06

The interbank range this week has been:    NZDJPY 76.68 - 78.32
Tuesday 4th April 7:15pm(NZT)
Sitting around 77.57 after a high of 78.13 on Friday, mainly due to last night's the risk-off tone. Next stop is 77.00 with immediate minor support at 77.30, lack of any strong NZ data will make an New Zealand dollar recovery back over 78.00 Yen difficult in the short term.
  Current Level Support Resistance Last week's range
NZD/YEN 77.32 77.00 80.10 77.40 - 78.34

Friday 31st March 2:00pm(NZT)
The New Zealand dollars decline against the Yen finally found some support around 77.50 midweek. Since then we have seen a very mild recovery which could easily extend as far as 78.80, without threatening the broader downtrend. That broader downtrend has been in place since late January and until we see a firm sign of strength, such as a sustained break above 78.80, the risks remain skewed to further weakness.
The current interbank midrate is:    NZDJPY 78.25

The interbank range this week has been:    NZDJPY 77.47 - 78.33
Tuesday 28th March 4:15pm(NZT)
The stronger Japanese Yen continues to pressure the New Zealand dollar, now at 77.90 back from a 77.60 low overnight. As the stronger JPY trend remains, expect a test of 77.50 over the next few days.
  Current Level Support Resistance Last week's range
NZD/YEN 77.87 77.50 80.10 77.63 - 79.58

Friday 24th March 4:00pm(NZT)
The Australian dollar has been knocked lower from 87.09 to 84.40 Yen in the last few days. It’s now at 84.70 but looks to head lower going into next week testing 84.00.
The current interbank midrate is:    AUDJPY 85.04

The interbank range this week has been:    AUDJPY 84.44 - 87.24
Tuesday 21st March 4:15pm(NZT)
The New Zealand has drifted lower from a high last week of 79.92 to 78.82 then back to 79.38. It looks to be struggling at these levels and give the USD/JPY projections we still favour a further test of 78.50 support this week.
  Current Level Support Resistance Last week's range
NZD/YEN 79.40 78.50 80.10 78.85 - 79.94

Friday 17th March 4:00pm(NZT)
The New Zealand has trade sideways for most of the week against the Japanese Yen, but yesterday’s weaker GDP data knocked the NZD back from 79.92 to 78.82. It is back over 79.00 at 79.05, but given the stronger JPY against the USD we see a move back to test support at 78.50 next week.
The current interbank midrate is:    NZDJPY 79.09

The interbank range this week has been:    NZDJPY 78.85 - 80.06
Tuesday 14th March 3:45pm(NZT)
The New Zealand is in a consolidative trading pattern, now at 79.40 is marginally weaker than Friday's 79.45 close.  NZD tone is softer but offshore USD moves will be in the driver's seat this week.
  Current Level Support Resistance Last week's range
NZD/YEN 79.44 78.90 80.10 78.91 - 80.03

Friday 10th March 4:00pm(NZT)
The New Zealand continues to retreat against the Japanese Yen now at 79.53 after making the week’s low at 78.88 yesterday. The JPY has also been hit by the stronger US unit but look for another test of the 79.05 level early next week.
The current interbank midrate is:    NZDJPY 79.61

The interbank range this week has been:    NZDJPY 78.91 - 80.58
Tuesday 7th March 3:45pm(NZT)
The New Zealand dollar continues to trend lower, now at 79.75 breaking previous support level. Next support is at 79.05 and we favour a test of this level over the next day or so as the NZD negative tone persists.
  Current Level Support Resistance Last week's range
NZD/YEN 79.78 79.05 80.20 79.59 - 81.49

Friday 3rd March 4:15pm(NZT)
Weaker JPY against the USD has not been reflected on this cross with the New Zealand now back at 80.55 after an 81.50 high for the week. It looks to be in a mild downtrend as the JPY is falling less aggressively against the USD than the NZD at the moment. Immediate support looks to be around the 80.10 level. Next week could see this level targeted if the negative NZD tone continues.
The current interbank midrate is:    NZDJPY 86.26

The interbank range this week has been:    NZDJPY 80.43 - 81.58
Tuesday 28th February 7:45pm(NZT)
Trading continues to be choppy for the New Zealand dollar against the Japanese yen  with a low of 80.50 for the week. It is now back at 80.91 with immediate resistance at 81.30. Still no clear direction but the New Zealand dollar is making lower high’s, a clear sign of weakness. Given the continued solid New Zealand fundamentals the NZD should consolidate but the tone is now more negative for the NZD.
  Current Level Support Resistance Last week's range
NZD/YEN 80.91 80.65 81.90 80.53 - 81.74

Friday 24th February 2:45pm(NZT)
It’s been a choppy week of price action for this pair with trade bouncing between the broad parameters of 80.80 and 81.80. There has however been a lack of overall direction for the pair and this would suggest further range trading as we head into next week, where a raft of second tier data is set for release from both countries.
The current interbank midrate is:    NZDJPY 81.56

The interbank range this week has been:    NZDJPY 80.86 - 81.93
Tuesday 21st February 6:45pm(NZT)
The New Zealand dollar has stepped lower against the Yen from 81.90 level to 81.25. There is no clear direction but given that a break of 81.35 has occurred a run to the 80.65 support now looks more likely.
  Current Level Support Resistance Last week's range
NZD/YEN 81.30 80.65 81.90 80.98 - 82.59

Friday 17th February 4:30pm(NZT)
The New Zealand dollar has pretty much traded sideways on this cross over the week, now at 81.70 against a stronger turn from the JPY. We remain of the view that fundamentals are still on the NZD side but a break of 81.35 immediate support would see a move back to the 80.65 mark.
The current interbank midrate is:    NZDJPY 81.74

The interbank range this week has been:    NZDJPY 81.37 - 82.59
Tuesday 14th February 4:45pm(NZT)
The New Zealand dollar has recovered from last week's 80.64 low against the Japanese Yen and is currently sitting around 81.55.  Short term resistance is at 82.08 and we look for a test of this level over the next few days. The more positive news out of the Abe/Trump meeting should help the JPY stabilise, but underlying fundamentals continue to favour the NZD.
  Current Level Support Resistance Last week's range
NZD/YEN 81.64 80.65 82.45 81.22 - 82.49

Friday 10th February 6:30pm(NZT)
After a drop to 80.64 yesterday the New Zealand dollar has recovered overnight and is currently around 81.73. Japanese Yen weakness can be attributed to a reduction in the risk-off trade. However with the Japanese PM Abe meeting with President Trump over the weekend, the JPY will be susceptible to any statements on trade or defence. Barring any surprises we look for a push back to target 82.45 next week.
The current interbank midrate is:    NZDJPY 81.82

The interbank range this week has been:    NZDJPY 81.22 - 82.56
Tuesday 7th February 4:45pm(NZT)
The New Zealand dollar is marginally higher against the JPY at 82.24, even though the JPY has benefited from the its safe-haven status. Immediate resistance is at 82.45 but given a strong dairy result tomorrow morning and depending on the RBNZ comments a target later this week of 82.90 is possible. Offshore fears will continue to drive JPY values.
  Current Level Support Resistance Last week's range
NZD/YEN 82.35 82.00 83.80 81.65 - 82.93

Friday 3rd February 4:30pm(NZT)
Currently the New Zealand dollar trades around 82.04 lower than at the start of the week on better Japanese GDP forecasts and increased attraction for the JPY’s safe haven status. If 82.02 is broken, looks likely, the next stop will be 81.40/50 next week. It is worth noting that further US political volatility would favour the JPY as a risk-off trade.
The current interbank midrate is:    NZDJPY 81.97

The interbank range this week has been:    NZDJPY 81.97 - 83.79
Tuesday 31st January 4:45pm(NZT)
Currently the New Zealand dollar sits around 82.85 against the Japanese Yen having made an overnight high of 82.60. It is still well supported and given no surprises from the BoJ meeting a push back to test the 83.80 level looks likely. This level provides good resistance with immediate support now around the 82.50 mark.
  Current Level Support Resistance Last week's range
NZD/YEN 82.83 82.00 83.80 81.58 - 83.79

Friday 27th January 3:30pm(NZT)
The New Zealand dollar looks to end the week against the Japanese Yen close to the top of the range around 82.90. It has gradually ground higher for most of this week with the next resistance level is around 83.50. It will however need some major news to sustain a move beyond this mark.
The current interbank midrate is:    NZDJPY 83.24

The interbank range this week has been:    NZDJPY 81.42 - 83.28
Tuesday 24th January 6:15pm(NZT)
Currently around 81.78 after ranging between 81.41-82.14 overnight, looks to be entering into a short term sideways trading pattern in an 81.45-82.50 band. We expect this band to hold over the next few days up to the CPI figure on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 81.68 81.00 82.50 80.97 - 82.85

Tuesday 17th January 2:15pm(NZT)
The New Zealand dollar continues to trade in a sideways pattern against the Yen, broadly within a 80.70-81.80 band. Overnight levels ranged between 81.61-80.74 and it opens at 81.06. The JPY’s safe haven status has helped over the current hard Brexit fears, but once the UK PM’s speech is out of the way attention may turn back to the flat Japanese economic growth and the Bank of Japans policy around continued stimulus. We favour moves of the NZD back toward the top of the current range over the next week.
  Current Level Support Resistance Last week's range
NZD/YEN 81.02 80.50 82.00 80.73 - 81.91

Tuesday 10th January 4:00pm(NZT)
The New Zealand dollar traded in a narrow 81.76-81.31 range overnight and is currently at the lower end of that range at 81.40. After the sharp rally from the 73.00 region to the 83.60 level over the mid-October -November period last year, the momentum has significantly slowed as this cross looks for fresh direction. While the NZD remains well supported and any local interest rate moves from the RBNZ are likely to be higher as opposed to Bank of Japans’ continued easing stance, the JPY will benefit from any flight to safety.  In the current uncertain geo-political climate these risk-off events are likely to be more frequent, so we expect a broad 75.00-83.52 range to prevail over the next few months.
  Current Level Support Resistance Last week's range
NZD/YEN 81.31 80.50 82.00 80.90 - 82.01

Friday 23rd December 3:45am(NZT)
The New Zealand dollar is trading largely unchanged in trade against the Japanese Yen since our report on Tuesday. There has been little to go on during the week for the cross given the quiet week for leads from Japan and as NZ data has conformed close enough to expectations to cause little stir. Look for any shifts in risk sentiment and liquidity moves to be the primary driver of moves over the holiday period. Momentum at the moment is mixed-negative. First support is seen at 80.00 whilst the recent highs around 83.75 is the obvious topside level.
The current interbank midrate is:    NZDJPY 81.11

The interbank range this week has been:    NZDJPY 81.00 - 83.21
Tuesday 20th December 1:30pm(NZT)
The New Zealand dollar has fallen sharply against the Japanese Yen in trade since Friday. The move comes on the back of the dual influence of a rally in the JPY and decline in the NZD against the US dollar. Rising geopolitical concerns, JPY ‘safety’ demand and a more cautious stance towards the risk currencies (NZD, AUD) have been among the key drivers. Extended positioning against the JPY has also likely played a part give the huge recent USD/JPY upswing. In focus this week is today’s BoJ meeting and NZ GDP data on Thursday. Momentum now points solidly towards further losses at present.
  Current Level Support Resistance Last week's range
NZD/YEN 81.09 80.00 82.00 81.00 - 83.72

Friday 16th December 11:45am(NZT)
The New Zealand dollar has rallied slightly against the Japanese Yen in trade since Tuesday. Highs around the 83.75 level were seen in trade overnight as the Yen continued to extend its losses against the greenback. Both currencies have been the victim of a stronger US dollar throughout the week, especially after yesterday’s US FOMC meeting. Focus for next week will be on the BoJ meeting which will conclude on Tuesday and NZ GDP data on Thursday. Dairy price data is due overnight Tuesday. Momentum is positive, although the recent run looks well extended (and probably overdone).
The current interbank midrate is:    NZDJPY 83.12

The interbank range this week has been:    NZDJPY 81.72 - 83.72
Tuesday 13th December 2:30pm(NZT)
The New Zealand dollar has extended further against the Japanese Yen since our commentary on Friday. The move represents a continuation of the theme of an exit from the Yen against the greenback in recent times. Adding to momentum was when the NZD has received a lift in opening trade this week on the back of demand for the commodity currencies (helped by positive developments over the weekend in the energy markets). NZ GDP data on Thursday is the key economic release to consider for the cross this week, although given the recent moves in the USD/JPY exchange rate the earlier FOMC meeting could also spark additional volatility.
  Current Level Support Resistance Last week's range
NZD/YEN 82.71 82.00 83.30 80.73 - 83.10

Friday 9th December 11:15am(NZT)
The New Zealand dollar has rallied further against the Japanese Yen in trade this week. The move comes on the back of the gains in the NZD as sentiment remains positive towards NZ (helped by comments on NZ’s growth outlook and a further lift in dairy prices). This cross continues to look strong. A break of the 82.00/05 level should target 83.30 in time. First support is seen around 81.50/60 (weak) and then 81.00 (weak). NZ GDP data on Thursday is the key event to watch next week.
The current interbank midrate is:    NZDJPY 81.76

The interbank range this week has been:    NZDJPY 80.15 - 82.02
Tuesday 6th December 2:30pm(NZT)
The New Zealand dollar has lifted slightly against the Japanese Yen in trade since our last commentary on Thursday. Some weakness was observed in early trade yesterday on the back of the JPY ‘safety’ demand after the result of the Italian referendum became known. However, current momentum remains positive for now and with a relatively light event calendar due in both countries any shift looks most likely to come via a sharp move in the USD/JPY exchange rate.
  Current Level Support Resistance Last week's range
NZD/YEN 81.27 80.00 83.30 79.09 - 81.50

Thursday 1st December 2:00pm(NZT)
The New Zealand dollar has resumed its recent trend of strength in trade against the Japanese Yen since Tuesday’s review. The move reflects the resumption of the strong trend in yen weakness against the greenback that has been seen since the Trump US election win. Data has had no influence on the cross this week and will continue to be the case well into next week. Current momentum now favours further gains, although shifts in the USD/JPY present a large risk. Key resistance is note around the 83.30/40 level.
The current interbank midrate is:    NZDJPY 80.99

The interbank range this week has been:    NZDJPY 78.58 - 81.09
Tuesday 29th November 3:30pm(NZT)
The New Zealand dollar has eased in trade against the Japanese Yen since our commentary on Friday. The fall from highs seen ahead of 79.80 have come mainly on the back of the rebound in the Yen against the greenback in trade so far this week. Movements in the USD/JPY exchange rate look most likely to drive trade this week, although an eye should be kept on any shift in appetite for commodity currencies after the OPEC decision (although the CAD will be the most affected). We are wary of a further slide given the present correction the USD/JPY.
  Current Level Support Resistance Last week's range
NZD/YEN 79.17 78.50 79.80 78.12 - 79.76

Friday 25th November 2:30pm(NZT)
The New Zealand dollar has again moved higher in trade against the Japanese Yen since Tuesday. The move is a continuation of the theme of a lack of support for the Yen which continues to plummet against the USD. Data has had no influence on trade this week which is again likely to be the case next week. Momentum continues to be supportive of further gains. First (minor) resistance is now eyed at 79.65/70 and 80.90/81.00 beyond. Look to any shift in sentiment towards the Yen for the next directional shift.
The current interbank midrate is:    NZDJPY 79.44

The interbank range this week has been:    NZDJPY 77.32 - 79.42
Tuesday 22nd November 2:30pm(NZT)
The New Zealand dollar has continued to move higher in trade against the Japanese Yen since Friday. The move reflects the relative outperformance of the NZD (which has benefitted from exporter demand in the NZD/USD pair) and strong fall in the Yen versus the US dollar. Momentum for this cross is positive at the moment, although the extended rally in the USD/JPY in the last fortnight elevates the prospect of a decent correction. Initial weak support is seen around 77.50 and then 77.00.
  Current Level Support Resistance Last week's range
NZD/YEN 78.29 75.75 79.40 76.76 - 78.44

Friday 18th November 2:30pm(NZT)
The New Zealand dollar has drifted higher against the Japanese Yen in trade since our commentary on Tuesday. It has been a very quiet period for the cross since that report which has seen both the JPY and NZD fall to similar extent against the stronger US dollar. Local data has had no impact on trade this week. Data next week should again only play a minimal role which ushers in the prospect of more contained trade barring any major surprises. We favour buying dips towards 75.75 first support on the week.
The current interbank midrate is:    NZDJPY 77.46

The interbank range this week has been:    NZDJPY 75.51 - 77.70
Tuesday 15th November 2:00pm(NZT)
The New Zealand dollar has edged marginally higher in trade against the Japanese Yen since Friday’s commentary. The move reflects the continued pressure on the Yen against the US Dollar in recent hours/days which has managed to underperform even the weak NZ Dollar. This week is quiet from a scheduled data standpoint (NZ GDT dairy prices tonight) which has as marginally favouring buying the NZD on dips based on the continued immediate outlook for the JPY.
  Current Level Support Resistance Last week's range
NZD/YEN 77.13 75.75 77.90 73.75 - 77.89

Friday 11th November 2:30pm(NZT)
The New Zealand dollar has had an especially volatile week in trade against the Japanese Yen this week. The moves have reflected the ‘risk-on’ (NZD+) and flight to safety (JPY+) sentiment that prevailed during Wednesday’s US presidential election. This saw the cross trade to around 77.85 before falling to around 73.75 as it became apparent that Donald Trump would win the election. Subsequent rebounds and stability in the markets saw the cross rebound to trade back to 77.90 yesterday. Expect a quieter week next week with external drivers again playing a key role. We have a moderate upside bias. First support (very minor) is eyed around 76.20.
The current interbank midrate is:    NZDJPY 76.79

The interbank range this week has been:    NZDJPY 73.75 - 77.89
Tuesday 8th November 2:30pm(NZT)
The New Zealand dollar has surged in trade against the Japanese Yen since our last report. The move comes on the back of the risk/safety flow which has strongly favoured the NZD over the JPY ahead of an anticipated Clinton victory in the US election tomorrow. This theme will be integral for the next swing in the cross over the next 36 hours prior to the RBNZ interest rate decision on Thursday. Resistance to this surge should lie in the broad 77.80 to 78.30 zone and then 79.30 beyond. Expect considerable volatility.
  Current Level Support Resistance Last week's range
NZD/YEN 76.65 75.60 77.80 74.50 - 76.81

Thursday 3rd November 3:00pm(NZT)
The New Zealand dollar has lifted slightly in trade against the Japanese Yen this week. The gains in this cross have been the most modest of the crosses covered after NZ’s better than expected data (NZD+) was countered by a strong rally in the Yen (against the USD post the BoJ) during the week. Highs so far have reached just ahead of 75.50. First resistance is seen at 76.00 with first support now coming in around 74.50. Key focus for the cross next week is NZ’s RBNZ cash rate decision on Thursday although safe haven flow in the Yen may also be a factor given the US election uncertainty.
The current interbank midrate is:    NZDJPY 75.28

The interbank range this week has been:    NZDJPY 74.50 - 75.46
Tuesday 1st November 1:30pm(NZT)
The New Zealand dollar is unchanged in trade against the Yen since Friday. Moves in this cross have been relatively muted in recent trade, although events this week have the potential to change the reduced volatility. Look to the BoJ interest rate decision for potential volatility this afternoon and NZ data overnight and tomorrow (mainly employment) for further influence. For now momentum in the cross is slightly positive targeting 76.00. First support is seen at 74.00.
  Current Level Support Resistance Last week's range
NZD/YEN 74.96 74.00 76.00 74.38 - 75.38

Friday 28th October 3:00pm(NZT)
The New Zealand dollar has meandered slowly higher in trade against the Japanese Yen since Tuesday’s commentary. With nothing out in the way of data of interest from either country the move has come down to the relative underperformance of the Yen in the environment of a stronger USD. In focus next week will be the BoJ meeting (Oct 30 to Nov 1) and the NZ employment data on Wednesday. Momentum for the cross is positive at the moment although 75.25/30 needs overcome to open more key resistance around 76.00. Support is seen at 74.00.
The current interbank midrate is:    NZDJPY 74.96

The interbank range this week has been:    NZDJPY 74.02 - 75.00
Tuesday 25th October 3:00pm(NZT)
The New Zealand dollar has drifted lower in trade against the Japanese Yen since Friday. The move reflects the weakness in the NZD in recent days which has suffered on the back of commodity currency selling. Data calendars from both countries are unlikely to lead to any moves so for now the most likely driver looks to be tomorrow’s Australian inflation data and the overall appetite for the commodity currencies. This oscillating appeal has us favouring more range trading this week.
  Current Level Support Resistance Last week's range
NZD/YEN 74.42 72.20 75.20 74.02 - 75.24

Friday 23rd October 2:30pm(NZT)
The New Zealand dollar has edged higher in trade against the Japanese yen this week. It has been a  quiet week in Japan which has meant direction has come from a stronger NZD after Tuesday’s better than expected inflation report, although the falling AUD (and NZD) after yesterday’s weaker than expected Australian data has dented the gains. Data looks very unlikely again to be a driver next week which has us favouring more trade within recent ranges.
The current interbank midrate is:    NZDJPY 74.71

The interbank range this week has been:    NZDJPY 73.46 - 75.24
Tuesday 18th October 3:00pm(NZT)
The New Zealand dollar has lifted in trade against the Japanese Yen since Friday. The move comes mainly on the back of NZD strength in the last 24 hours which benefitted from this morning’s better than expected NZ inflation numbers and general commodity currency strength. The schedule for the remainder of the week looks reasonably quiet after tonight’s dairy data, although this morning’s inflation data may see buyers lift from those levels seen last week. Resistance above 74.80 is seen at at 75.00/20 (weak) and 76.00 (solid).
  Current Level Support Resistance Last week's range
NZD/YEN 74.47 72.20 74.80 72.76 - 74.62

Friday 14th October 2:00pm(NZT)
The New Zealand dollar has eased marginally in trade against the Japanese Yen this week. Both countries have lacked any key incoming data which has meant the small decline in this cross has reflected the relatively weaker position of the NZD against the greenback, in part due to heightened expectations of a November RBNZ rate cut. Next week holds the prospect of being slightly more volatile although that prospect should mainly hinge on Tuesday’s NZ inflation report outcome. For now 72.20-74.70 looks very likely to capture next week’s range.
The current interbank midrate is:    NZDJPY 73.47

The interbank range this week has been:    NZDJPY 72.76 - 74.57
Tuesday 11th October 2:00pm(NZT)
The New Zealand dollar has traded quietly against the Japanese Yen since Friday. With little in the way of new data and nothing critical this week, further range trading looks the most likely outcome for now. Both currencies look heavy against the greenback overall. We lack a bias on the next move. First resistance is seen around last week’s highs (74.70/80) and then 76.00. Minor support is seen at 73.50 and then 72.65.
  Current Level Support Resistance Last week's range
NZD/YEN 73.91 73.50 74.80 73.53 - 74.52

Friday 7th October 2:30pm(NZT)
The New Zealand dollar has experienced relatively moderate ranges in trade against the Japanese Yen during the week. Both the JPY and NZD have seen sharp falls against the greenback on the back of better than expected US data. Souring trader sentiment towards the NZD and JPY has come on the back of deteriorating technicals and looks likely to mean more range trading will ensure next week, especially given the quiet data calendars. We now lack a bias given the reversal in the JPY’s fortunes. This move looks likely to head towards first minor resistance in the 75.00/20 zone.
The current interbank midrate is:    NZDJPY 74.25

The interbank range this week has been:    NZDJPY 73.00 - 74.72
Tuesday 4th October 3:00pm(NZT)
The New Zealand dollar has lifted in trade against the Japanese Yen since our report on Friday. There has been little to go on in recent trade for either the NZD or JPY so the recent gains reflect the relative support for the commodity currencies and easing in Yen against the greenback. In focus this week for the cross will be RBNZ Governor Wheeler’s speech this afternoon and the GDT dairy auction overnight. Whilst favouring the JPY overall this move looks likely to extend towards 75.00 given the recent momentum.
  Current Level Support Resistance Last week's range
NZD/YEN 74.32 72.20 75.00 72.73 - 74.14
 

Friday 30th September 2:30pm(NZT)
The New Zealand dollar is trading modestly higher against the Japanese Yen in trade this week. Data considerations have been lacking this week for the cross, although a reasonable degree of volatility within a ~72.65-74.15 range has been seen. Much of this range reflects moves in the NZD, although a surge in the Yen (on souring risk sentiment) overnight has knocked the cross back from its highs. Data next week is relatively light with the Japanese Tankan (Monday) and GDT dairy auction (overnight Tuesday) the highlights. We continue to favour buying JPY on rallies near 74.00 in this cross for now.
The current interbank midrate is:    NZDJPY 73.30

The interbank range this week has been:    NZDJPY 72.66 - 74.14
Tuesday 27th September 3:00pm(NZT)
The New Zealand dollar has continued to decline in trade against the Japanese Yen since Friday. The move represents a continuation of the theme set from last week after the respective BoJ and RBNZ central bank meetings. With little on the event calendar this week (watch for today’s BoJ minutes though) we see little reason for the cross to move materially against last week’s tide and hence favour selling towards resistance at 74.00 (if reached). Support is eyed at 72.20, a break of which should initially open 71.00/10 in time.
  Current Level Support Resistance Last week's range
NZD/YEN 73.03 72.20 74.00 72.66 - 74.99

Friday 23rd September 2:00pm(NZT)
The New Zealand dollar has fallen in trade against the Japanese Yen this week. Much of the move was seen just after the BoJ monetary policy meeting which failed to satisfy those who were looking for a more extensive and expanded central bank stimulus. Dovish overtures from the RBNZ OCR statement adds to the soft sentiment for this cross currently. Next week looks relatively quiet from a scheduled data standpoint with Japanese inflation (Friday) and the BoJ minutes on Tuesday. We favour selling rallies towards 75.00 for now.
The current interbank midrate is:    NZDJPY 73.59

The interbank range this week has been:    NZDJPY 73.49 - 74.99
Tuesday 20th September 2:00pm(NZT)
The New Zealand dollar is trading barely changed in trade against the Japanese Yen since our commentary on Friday. The lack of volatility was to be expected given the market is ‘on hold’ ahead of key central bank decisions and commentary this week (BOJ tomorrow, RBNZ/FOMC on Thursday NZ time). Look for the outcomes of these decisions to set the foundation for the next move. For now a break of 74.00 support opens the downside to next support at 72.20, especially should the break be a result of central bank policy.
  Current Level Support Resistance Last week's range
NZD/YEN 74.39 74.00 76.10 74.07 - 75.22

Friday 16th September 2:30pm(NZT)
The New Zealand dollar is unchanged in trade against the Japanese Yen this week. Support developed ahead of 74.00 over the course of the week during the heavy ‘risk based’ NZD sell-off which was seen as global equities fell heavily earlier in the week. The normal ‘safe haven’ JPY buying seen during such periods was absent this week as speculation mounted that the BoJ may ease again when they meet next week (JPY-). Interest next week will be on that BoJ meeting and the RBNZ meeting the following day. For now we marginally favour the upside while 74.00 holds.
The current interbank midrate is:    NZDJPY 74.47

The interbank range this week has been:    NZDJPY 74.07 - 75.78
Tuesday 13th September 1:30pm(NZT)
The New Zealand dollar has fallen heavily against the Japanese Yen since our report last week. The move was unforeseen and came on the back of the large surge in volatility and move out of global equities and riskier currencies after the comments from US Fed officials on Friday. The comments lifted expectations for a Fed rate hike later this month, although an opposing interpretation on the need for a US rate move was offered by other Fed officials overnight. Look for the risk (NZD) and safe haven (JPY) theme to again dictate this week whilst on the data front NZ GDP on Thursday has the most chance of inciting further volatility.
  Current Level Support Resistance Last week's range
NZD/YEN 74.60 74.30 76.10 74.33 - 76.00

Thursday 8th September 2:30pm(NZT)
The New Zealand dollar has lifted slightly against the Japanese Yen since our report on Tuesday. Both currencies have posted gains against the USD this week after the weaker than expected US ISM services survey yesterday although a sharp dip was seen to support at 75.00/10 on the back of stop-loss related USD/JPY selling through 102.00 yesterday. With key data out of the way expect a quiet end to the week with our bias favouring further upside (especially should 76.10 clear).
The current interbank midrate is:    NZDJPY 75.88

The interbank range this week has been:    NZDJPY 74.73 - 76.06
Tuesday 6th September 3:30pm(NZT)
The New Zealand dollar has continued to advance in trade against the Japanese Yen since our report on Friday. The move represents a continuation of the recent momentum in this cross based on the recent stability in financial markets and current relative yield appeal of the NZD. This week looks to be a quiet one for this cross overall with just dairy prices (tonight for the NZD) and Japanese GDP on Thursday of any note. We don’t expect either to have a lasting impact and have little bias on the next move from here, although note the current upside momentum.
  Current Level Support Resistance Last week's range
NZD/YEN 75.71 75.10 76.10 73.94 - 76.06

Friday 2nd September 2:30pm(NZT)
The New Zealand dollar has advanced strongly in trade against the Japanese Yen this week. The move comes on the back of the weak performance of the Yen against the greenback in light of the more positive sentiment which has been shown towards the USD in the wake of the various comments that have come from Fed officials recently. Data next week from both countries is relatively low impact in nature (Japanese GDP on Thursday and NZ dairy prices on Wednesday), so for now we favour a continuation of the recent momentum towards better levels to buy the JPY (76.30/80 zone).
The current interbank midrate is:    NZDJPY 75.22

The interbank range this week has been:    NZDJPY 73.39 - 75.34
Tuesday 30th August 2:00pm(NZT)
The New Zealand dollar has lifted in trade against the Japanese Yen since our report on Friday. The move comes on the back of comments at the Jackson Hole meeting of economic leaders which saw the BoJ Governor Kuroda emphasise his commitment in boosting monetary stimulus if required. This saw the Yen come under further pressure following those comments of Fed officials on US rates (which were seen as USD supportive). Data this week looks unlikely to play a large part in the direction of this cross, although Wednesday’s Japanese industrial production numbers may provide a passing interest. We have a marginal NZD upside bias for now.
  Current Level Support Resistance Last week's range
NZD/YEN 73.87 72.20 74.30 72.93 - 74.14

Friday 26th August 3:30pm(NZT)
The New Zealand dollar is trading marginally higher against the Japanese Yen from those levels reported on Tuesday. This week has been notable for an absence of economic leads from either country especially after today’s Japanese inflation release  failed to cause a stir. Look for the chance of a pickup in volatility to come out of this weekend’s Jackson Hole meeting of economic and central bank leaders. We have little bias although for now the downside momentum that began in July looks to have passed (noting 72.20 support since).
The current interbank midrate is:    NZDJPY 73.43

The interbank range this week has been:    NZDJPY 72.58 - 73.70
Tuesday 23rd August 1:30pm(NZT)
The New Zealand dollar is trading at levels similar to those reported on Friday against the Japanese Yen. There have been no economic leads in the interim and with the financial markets remaining stable again this has meant the safe haven and risk trades have also been off the table. A quick spike has been seen to around 73.45 in trade this morning over RBNZ Governor Wheeler’s speech in Dunedin. We expect a quiet week for this cross until the end of the week when the Japanese inflation data comes to market. Expect a far greater reaction from any fresh themes from the BOJ which emanate from the Jackson Hole meeting of central bankers at the end of the week/the weekend.
  Current Level Support Resistance Last week's range
NZD/YEN 73.14 72.20 74.30 72.24 - 73.41

Friday 19th August 1:30pm(NZT)
The New Zealand dollar is trading largely unchanged against the Japanese Yen in trade this week. Both currencies have continued to firm against the USD this week on the back of the weaker overall greenback which has eased on the back of softer than expected US data and delayed Fed hike expectations after yesterday’s FOMC minutes. We expect a pretty quiet week for this cross next week given the lack of incoming data of any note. We continue to favour selling rallies towards 74.20/30 (73.40 would be more aggressive).
The current interbank midrate is:    NZDJPY 72.99

The interbank range this week has been:    NZDJPY 72.24 - 73.63
Tuesday 16th August 1:30pm(NZT)
The New Zealand dollar has eased marginally against the Japanese Yen since our report on Friday. Reaction to yesterday’s weak Japanese Q2 GDP report was limited and for now the cross remains soft as demand for the Yen remains solid. NZ indicators in the next 24 hours form the main scheduled risk for the cross this week (dairy price and employment). We favour selling rallies, although prefer levels near 74.20/30 first resistance.
  Current Level Support Resistance Last week's range
NZD/YEN 72.78 72.20 74.30 72.60 - 74.10

Friday 12th August 2:30pm(NZT)
The New Zealand dollar sits marginally higher against the Japanese Yen from those levels reported on Tuesday. Volatility reached a peak in trade yesterday over the RBNZ’s OCR announcement. This saw the cross move to highs around 74.30 on the back of NZD demand as traders reacted to a less dovish than expected statement. Look to Monday’s Japanese GDP and industrial production data for first influence next week. NZ’s GDT dairy price and employment numbers should also be watched on Wednesday. We favour selling NZD rallies in this cross. First resistance is pegged in the 74.20/30 zone.
The current interbank midrate is:    NZDJPY 73.50

The interbank range this week has been:    NZDJPY 72.38 - 74.10
Tuesday 9th August 2:30pm(NZT)
The New Zealand dollar has moved higher in trade against the Japanese Yen so far this week. The move comes on the back of the easing seen in the Yen against the greenback in recent hours, although both currencies suffered at the hands of the USD on Friday after the better than expected US data. Look to Thursday’s RBNZ statement for direction this week on the cross. Markets are fully pricing in a 0.25% cut and around a further 0.40% in cuts beyond. The extent of the anticipated easing indicates a risk that the RBNZ may disappoint which would place upwards pressure on the NZD in the days following the decision.
  Current Level Support Resistance Last week's range
NZD/YEN 73.24 72.20 74.20 72.23 - 73.84

Friday 5th August 12:30pm(NZT)
The New Zealand dollar has continued to slide in trade against the Japanese Yen this week. The subdued move comes on the back of the relative gains in the JPY against the greenback. This has contrasted with the NZD which has been unable to build on any positive momentum from earlier in the week. Look for the RBNZ monetary policy statement on Thursday next week for the next move, although attention could go on the high yielders over the US data later today. We favour selling NZD rallies in this cross. First minor resistance is noted in the 73.00/10 area.
The current interbank midrate is:    NZDJPY 72.62

The interbank range this week has been:    NZDJPY 72.24 - 74.58
Tuesday 2nd August 3:00pm(NZT)
The New Zealand dollar has weakened against the Japanese Yen since our report on Friday. The move comes on the back of the surge in the Yen on Friday after the BOJ delivered an underwhelming amount of extra stimulus at its monetary policy announcement during the afternoon. Weaker than expected US data late in the day and the subsequent demand for high yielders (as US rate hike expectations reduced further on weak US data) such as the NZD have limited the damage to the cross. Look for the volatility in this cross to peak over the next 24 hours as we receive NZ employment data and details on the Japanese government stimulus.
  Current Level Support Resistance Last week's range
NZD/YEN 73.43 71.00 75.00 73.18 - 74.70

Friday 29th July 1:45pm(NZT)
The New Zealand dollar has advanced against the Japanese Yen ahead of this afternoon’s critical BOJ monetary policy meeting. Expect high volatility over the announcement given the varying expectations in the market over the size and types of stimulus that the Bank of Japan looks set to deliver. Resistance is noted ahead of 77.00 whilst first important support lies around the 71.00 level. We don’t have a view on the outcome of the announcement. Expect a sharply stronger JPY (and lower NZD/JPY) though if the bank fails to deliver a comprehensive stimulus package.
The current interbank midrate is:    NZDJPY 74.14

The interbank range this week has been:    NZDJPY 73.24 - 74.70
Tuesday 26th July 2:00pm(NZT)
The New Zealand dollar is drifting in trade against the Japanese Yen this week. The cross continues to trade with a heavy tone overall after last week’s dovish RBNZ comments on the value of the NZD and recent uptick in the Yen. Focus for this week will be on Japan on Friday as the BOJ issues its monetary policy statement. Expect significant volatility during the day with the outcome of the degree of extra stimulus (or lack of) and its impact on the Yen driving this cross. We favour selling rallies although first solid resistance lies nearer 77.00.
  Current Level Support Resistance Last week's range
NZD/YEN 73.50 71.00 76.85 73.24 - 75.24

Friday 22nd July 1:00pm(NZT)
The New Zealand dollar has continued to move lower against the Japanese Yen since our report on Tuesday. Comments from the RBNZ yesterday over the elevated level of the NZD and its impact on tradable inflation has seen the market move to price in a further rate cut in August (to 2.00%) and an 80% chance of a further cut to 1.75% by November. Lows around 73.80 have been seen in recent hours on the back of the overnight jump in the Yen and for now this cross looks heavy ahead of the coming Friday’s key BOJ monetary policy meeting. We favour using strength to sell NZD and buy JPY in the 75.00/20 zone.
The current interbank midrate is:    NZDJPY 74.05

The interbank range this week has been:    NZDJPY 73.79 - 76.41
Tuesday 19th July 1:00pm(NZT)
The New Zealand dollar has lurched lower in trade against the Yen this week. The move comes on the back of yesterday’s weak NZ inflation data and after this morning’s surprise announcement by the RBNZ to look at introducing fresh LVR restrictions in September aimed at curbing bank lending to the NZ housing sector. The data and this morning’s RBNZ announcement has seen the odds increase further for a rate cut in August. Focus for the remainder of the week remains on the RBNZ as it issues an economic update on Thursday (9am NZT). Momentum for now in this cross points to further downside pressure.
  Current Level Support Resistance Last week's range
NZD/YEN 74.59 74.00 76.85 74.11 - 76.85

Friday 15th July 2:00pm(NZT)
The New Zealand dollar has rallied markedly against the Yen this week. The extent of the move is surprising and comes as the Yen had a poor week on the back of continued reduction in ‘safe haven’ demand as global equities continued their upwards march and as the market anticipated large amounts of additional stimulus in the wake of Japanese PM Abe’s victory at the weekend. Gains have moderated in the last 24 hours on the back of NZD weakness as the RBNZ moved to announce a special economic update next Thursday. Levels towards this week’s highs (~76.85) look like an expected bonus for JPY buyers to us, although a break of 75.30 looks required before the downside re-opens. Look to NZ inflation data on Monday for obvious near term influence.
The current interbank midrate is:    NZDJPY 75.45

The interbank range this week has been:    NZDJPY 72.72 - 76.85
Tuesday 12th July 1:00pm(NZT)
The New Zealand dollar has continued its bounce seen from late last week against the Japanese Yen. The move comes largely on the back of the JPY weaknesses seen in response to PM Abe’s win in the upper house of parliament at the weekend and his resultant calls for fresh stimulus to be added into the stagnant Japanese economy. Data from both countries is relatively low impact this week so look for external drivers to dictate. We favour buying JPY over NZD on the back of this bounce in the cross given we are not convinced that this Abe inspired JPY sell-off will continue.
  Current Level Support Resistance Last week's range
NZD/YEN 74.08 71.00 75.00 71.26 - 74.35

Friday 8th July 12:00pm(NZT)
The New Zealand dollar has eased against the Japanese Yen this week, although sits well off its lows set near 71.25 from earlier in the week. The bounce comes on the back of buying in the NZD in response to the poor showing from the RBNZ in a speech yesterday which failed to signal any urgency in introducing new macro-prudential housing measures. US employment data forms the focus for today which given the recent Yen strength may expose the pairing to renewed downside should US rate hike expectations be reignited.
The current interbank midrate is:    NZDJPY 72.71

The interbank range this week has been:    NZDJPY 71.26 - 74.24
Tuesday 5th July 2:00pm(NZT)
The New Zealand dollar has continued to edge higher against the Japanese Yen since our last report. The move comes in an environment that remains supportive for risk/equities (for now) and as investors look to currencies like the NZD in recent trade that have a relatively high yield and reduced exposure to the UK/Europe. Look for these issues to again hold sway this week given the light event calendar’s due from both countries. We favour buying the JPY over the NZD, although for now the momentum in the pairing is NZ dollar positive.
  Current Level Support Resistance Last week's range
NZD/YEN 73.79 71.00 75.00 71.29 - 74.27

Friday 1st July 3:00pm(NZT)
The New Zealand dollar has rallied against the Japanese Yen in trade this week. The move on the back of a lift in market confidence has come as central banks moved to provide liquidity to the financial system which has helped global bourses rally significantly since Monday’s lows. We favour buying JPY over NZD near current levels after this rally based on the extended bounce in the global share indices which have likely benefitted from quarter and year end balancing this week. Data considerations are light next week, so look to US data and risk sentiment for influence.
The current interbank midrate is:    NZDJPY 73.40

The interbank range this week has been:    NZDJPY 70.04 - 75.50
Tuesday 28th June 2:00pm(NZT)
The New Zealand dollar has fallen heavily against the Japanese Yen since our report on Friday. The move comes on the back of the decision by the UK to leave the EU which has seen investors depart ‘risk’ currencies like the NZD in favour of ‘safe haven’ currencies like the JPY (and USD,CHF). We favour buying JPY on dips against the NZD near first resistance (above 73.00) given the likelihood of a protracted period of market volatility in the weeks ahead. Data considerations this  week include Japanese inflation numbers and the Tankan survey on Friday but expect these to hold little sway against the relative importance of the Brexit headlines.
  Current Level Support Resistance Last week's range
NZD/YEN 71.41 69.00 73.35 70.04 - 77.70

Friday 24th June 3:00pm(NZT)
The New Zealand dollar has rallied against the Yen this week on the back of buying in the ‘risk’ currencies over those seen as a safe haven (such as the Yen) as the market anticipates a win by the ‘remain’ camp in today’s UK EU referendum. Expect volatility to remain extreme to close out the week and expect it to extend well into next week. Immediate levels of interest are the overnight highs above 77.50 and the recent lows around the 72.50 area. We recommend caution and leaving orders at extremes as liquidity moves to a premium.
The current interbank midrate is:    NZDJPY 75.75

The interbank range this week has been:    NZDJPY 73.29 - 77.70
Tuesday 21st June 2:00pm(NZT)
The New Zealand dollar sits at similar levels against the Japanese Yen in current trade to that reported on Friday. Positive momentum for the ‘status quo’ vote on the UK Brexit issue saw the cross jump on the open yesterday as the market embraced the riskier currencies like the NZD after the news. Data is unlikely to have any bearing on the cross this week so look to Thursday’s UK vote for direction. Expect a ‘remain’ vote to lead to NZD/JPY strength in the short term, although overall we favour being a seller of this cross once the excitement dies down.
  Current Level Support Resistance Last week's range
NZD/YEN 73.94 72.50 74.60 72.33 - 75.01

Friday 17th June 3:00pm(NZT)
This week has been another volatile one for the New Zealand dollar in trade against the Japanese Yen. Highs have been limited to around 75.30 and were seen near the start of the week prior to the increase in risk aversion observed over the week. Lows under 72.50 were noted briefly yesterday on the back of the surge in the Yen that took place after the BOJ left rates on hold at their monetary policy meeting. Look for the ‘risk’ and JPY ‘safety’ themes to drive trade next week as the market leads into and assesses the impact of the UK’s decision on the EU membership (Friday result).
The current interbank midrate is:    NZDJPY 73.78

The interbank range this week has been:    NZDJPY 72.33 - 76.23
Tuesday 14th June 2:00pm(NZT)
A strong deterioration in risk sentiment has seen the New Zealand dollar reverse most of last week’s gains against the Yen since our report on Friday. The change in sentiment comes on the back of political concerns in the UK/Europe as polls on Friday continued to point to a strong chance of the UK leaving the EU. This has seen global equities fall in recent trade as the market’s considers the wider economic consequences and the risk of contagion. Demand for the ‘safe haven’ yield is typically elevated during these periods and this ‘risk/safe haven’ dynamic has once again hit the NZD/JPY cross particularly hard. Focus this week will continue to be on this issue whilst on the economic front Thursday looms as the most important day of the week with the NZ Q1 GDP report and BOJ interest rate decision both due.
  Current Level Support Resistance Last week's range
NZD/YEN 74.80 73.50 76.40 74.09 - 76.36

Friday 10th June 3:00pm(NZT)
The New Zealand dollar has rallied strongly against the Japanese Yen this week. The move has broken the lateral trade of recent weeks and came in the aftermath of yesterday’s RBNZ rate decision which saw the NZD rally strongly. Support has formed around 75.40/50 in recent hours after the OCR review whilst first resistance is not seen until the 77.15/35 zone. This week’s jump has us now favouring buying dips next week. Key events for the cross to watch next week are the NZ GDP report, GDT dairy auction and the monetary policy meeting in Japan on Thursday.
The current interbank midrate is:    NZDJPY 76.17

The interbank range this week has been:    NZDJPY 73.81 - 76.36
Tuesday 7th June 3:00pm(NZT)
The New Zealand dollar has eased against the Japanese Yen since our report last week. Whippy trade which has largely been contained within 73.80/74.70 has been noted as both the JPY and NZD benefitted to a similar extent from the weaker USD. Liquidity considerations in the NZD have been a key driver of any moves in recent days although this week will be dominated by any fallout from Thursday’s RBNZ cash rate announcement. The pair appears relatively directionless for the time being although this could change on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 74.32 73.50 75.40 73.81 - 75.38

Thursday 2nd June 1:30pm(NZT)
The New Zealand dollar has lifted marginally against the Japanese Yen since our last report. Gains in the interim were more impressive however, after the cross jumped to highs around 75.40 on the back of data driven gains in the NZD (and AUD). A retracement in recent hours has been noted on the back of the stronger JPY which has gained after comments from PM Abe. This week’s extremities are the immediate levels to note, although real support and resistance levels are wider (73.25/73.50 zone and 75.40/75.75 zone). The RBNZ meeting (next Thursday) looks to be the most important event for this cross over the week ahead.
The current interbank midrate is:    NZDJPY 74.65

The interbank range this week has been:    NZDJPY 73.47 - 75.38
Tuesday 31st May 2:30pm(NZT)
The New Zealand dollar remains in a consolidation pattern against the Japanese Yen in current trade. JPY weakness in recent days has come at a time of similar weakness in the NZD as the USD has benefitted across the board from improved US rate sentiment. This weakness when combined with the lack of communal support for intervention means that perceived JPY pressure coming from any potential BOJ action will be much reduced at current levels. This has us favouring a mild sell bias when combined with the current soft NZD sentiment. Local data events look unlikely to break the shackles this week.
  Current Level Support Resistance Last week's range
NZD/YEN 74.47 72.50 74.90 73.30 - 74.63

Friday 27th May 2:00pm(NZT)
The New Zealand dollar has lacked any real direction against the Japanese Yen this week. Trading has been fluctuating between 73.30 on the downside and 74.90 of the topside. We have the G7 meeting to digest this weekend and then next week we get Japanese retail sales, household spending and unemployment data. The Yen’s broad appreciation over recent months will be very uncomfortable for Japanese officials, however intervention is frowned upon by their G7 partners and this means further JPY gains can’t be ruled out. Key support against the NZD comes in around 72.50 and any break below there could signal the start of another down leg.
The current interbank midrate is:    NZDJPY 74.10

The interbank range this week has been:    NZDJPY 73.30 - 74.83
Tuesday 24th May 2:00pm(NZT)
The New Zealand dollar has eased against the Japanese Yen since our report on Friday. Losses come from a strengthening Yen in recent trade which has risen on better than expected trade data yesterday. Adding to demand were calls from the G7 at the weekend warning against intervention to weaken the JPY. Commodity currency weakness has pressured the NZD in recent hours and with a light data week from both countries it appears that external influences will be the drivers this week. We favour further consolidation this week (range bound trading).
  Current Level Support Resistance Last week's range
NZD/YEN 73.80 72.50 74.90 73.76 - 74.83

Friday 20th May 3:00pm(NZT)
The New Zealand dollar has drifted higher against the Japanese JPY this week. There has been little on the data calendars out of both countries this week that has caused any excitement for the cross and has left the drift up to be led by the relative outperformance of the NZD in the face of the generalised USD rally seen this week. Data again looks unlikely to materially influence next week so we are expecting the consolidation in this cross to continue which bodes well for additional minor gains after the recent declines.
The current interbank midrate is:    NZDJPY 74.39

The interbank range this week has been:    NZDJPY 73.39 - 74.64
Tuesday 17th May 2:00pm(NZT)
The New Zealand dollar is trading at similar levels to our report on Friday in current trade. Some weakness was observed in initial trade this week after lower openings in the NZD and AUD on the back of the soft Chinese data set released over the weekend. Data events from both regions this week look unlikely to drive the cross materially in either direction so for now we anticipate range trading (~.5950/.6050),(1.6807/1.6529) until Friday.
  Current Level Support Resistance Last week's range
NZD/YEN 73.82 72.50 74.90 73.02 - 74.70

Friday 13th May 3:00pm(NZT)
The New Zealand dollar has rallied against the Japanese Yen in trade this week. The move higher comes amidst an environment which is generally supportive for risk and commodities and after investors bought the NZD post the latest NZ Financial Stability report. Support for the cross is seen at 72.50, whilst the next minor resistance is eyed in the 74.90/75.50 zone. Look for risk and commodity influences to again be important factors next week. This week’s decent bounce suggests the recent downwards momentum has now eased.
The current interbank midrate is:    NZDJPY 74.04

The interbank range this week has been:    NZDJPY 72.57 - 74.70
Tuesday 10th May 2:00pm(NZT)
The New Zealand dollar has continued to fall against the Japanese Yen in trade since our last report. The move comes as the NZD has fallen in line with the sharp sell-off that has been seen in commodities and the commodity currencies since the middle of last week. This theme should continue to set the tone of trade this week given the light data calendars due in both countries. Weak support is seen at 72.50, a break of this area opens next support which is much lower in the 69.80/70.00 zone. We favour selling rallies at present.
  Current Level Support Resistance Last week's range
NZD/YEN 73.05 72.50 74.10 72.57 - 74.91

Friday 6th May 2:00pm(NZT)
The New Zealand dollar has slid further against the Japanese Yen this week. The move comes on the back of the declines seen in the commodity currencies over the week. Activity in the JPY has been suppressed by the Japanese Golden week holidays which has kept incoming Japanese data to a minimum. Support is seen around 72.90, resistance beyond some seen near 75.00 is noted around 77.35. Whilst favouring the downside overall we prefer to wait for better levels (above 76.00) before considering selling NZD.
The current interbank midrate is:    NZDJPY 73.88

The interbank range this week has been:    NZDJPY 73.37 - 75.28
Tuesday 3rd May 2:20pm(NZT)
The New Zealand dollar is trading lower against the Japanese Yen since our report on Friday. Support at 74.00 has held the sharp sell-off which ensued after the decision by the BOJ to delay adding further stimulus to the Japanese economy on Thursday. Data points out of Japan this week are lacking which will mean focus will be on the NZ employment numbers tomorrow and US data points throughout the week. We favour a retracement higher after last week’s savage sell-off, expect volatility to remain elevated again this week in the aftermath of last week’s BOJ decision.
  Current Level Support Resistance Last week's range
NZD/YEN 74.75 74.00 77.35 74.09 - 77.35

Friday 29th April 2:00pm(NZT)
The New Zealand dollar has fallen heavily in the last 24 hours against the Japanese Yen. Central bank meetings from both countries set the tone of trade yesterday which saw heightened volatility after the NZD initially rallied after the RBNZ left local rates on hold. The later BOJ meeting which saw the Japanese central bank fail to add any stimulus caught the market off guard and led to a 3.4% surge in the JPY against the USD in the subsequent hours after the decision. Support for the cross is seen around 74.00, this week’s highs around 77.35 is first resistance, although the heightened volatility in the JPY particularly makes interpreting levels difficult. NZ employment data on Wednesday is the key data point of interest next week for the cross. The earlier GDT dairy auction should also be noted.
The current interbank midrate is:    NZDJPY 75.08

The interbank range this week has been:    NZDJPY 74.99 - 77.35
Tuesday 26th April 2:20pm(NZT)
The New Zealand dollar has drifted against the Japanese Yen since our report on Friday. This comes after both the NZD and JPY have experienced decent sell-offs against the USD since. The declines in the NZD mirror those seen in most of the commodity currencies, whilst the JPY took a backwards step against the USD late on Friday after reports surfaced that the BOJ was considering offering a negative rate on loans to banks to support their lending. Look for the cross to experience increased volatility into and after the RBNZ and BOJ central bank meetings on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 76.32 74.00 77.00 75.57 - 77.14

Friday 22nd April 2:00pm(NZT)
Considerable volatility has again been evident in the trade of the New Zealand dollar against the Japanese JPY this week. Data influences have been benign this week so once again direction has been a factor of commodity currency demand and risk vs. safe haven appeal. Firming commodity currencies and a generally supportive environment for risk saw the cross peak just above 77.00 during the week. Deterioration in these influences has put the cross under pressure in overnight trade. Look for these factors to again be at play next week, although the respective monetary policy meetings in both countries complicates the outlook. We favour more choppy trade next week heading into these meetings.
The current interbank midrate is:    NZDJPY 75.70

The interbank range this week has been:    NZDJPY 74.27 - 77.14
Tuesday 19th April 2:40pm(NZT)
The New Zealand dollar has rallied against the Canadian dollar in choppy trade so far this week. Prices in the cross initially spiked higher yesterday on the news that the Doha oil producer meeting had failed to secure a production cap. A recovery in the oil price led by news of a Kuwaiti oil strike has since moderated the gains. Local inflation data released yesterday was largely overlooked after it printed near consensus forecasts. Look for oil prices to again have a strong influence this week. Canadian data of interest includes inflation and retail sales numbers on Friday.
  Current Level Support Resistance Last week's range
NZD/YEN 76.22 74.00 78.20 74.22 - 76.35

Friday 15th April 2:00pm(NZT)
The New Zealand dollar has enjoyed a further rally against the Japanese JPY since our commentary on Tuesday. Much of the move can put down to a correction in the JPY against the USD (lower). The rally has peaked around 75.75 so far this week, this level will now form first resistance heading into Monday’s NZ inflation release. Post the data look for the JPY to again take the lead (against the USD); although as always the moves in commodity currencies will be important. Support for the cross is seen at 72.90, the vagaries of the USD/JPY swings makes making a call on likely direction very difficult.
The current interbank midrate is:    NZDJPY 75.18

The interbank range this week has been:    NZDJPY 73.16 - 75.74
Tuesday 12th April 2:30pm(NZT)
The New Zealand dollar has enjoyed some relief against the Japanese Yen since our report on Friday. This comes after the JPY enjoyed strong gains against the USD in the lead-up to Friday’s commentary. The moderate bounce in the cross has occurred after the JPY was unable to build on those gains (against the USD) any further since Friday. The NZD enjoyed a lift overnight from the positive commodity price momentum. Look for JPY demand and commodity prices to again set the tone of trade for the cross this week.
  Current Level Support Resistance Last week's range
NZD/YEN 74.06 72.90 74.60 72.98 - 75.65

Friday 8th April 2:00pm(NZT)
The New Zealand dollar has continued to fall sharply against the Japanese Yen since our last report. The extent of the fall has been surprising after the cross set fresh 2016 lows below 73.00 in overnight trade. The majority of the move this week has come on the back of the large gains which have been seen by the JPY against the USD only some of which can be put down to ‘safe haven’ demand. The move lower in the NZD/USD has added to the crosses woes this week. This comes on the back of some ‘risk off’ selling and to a large extent weaker commodity currencies, notably the AUD. A break of 72.40 opens levels towards 69.50. Resistance now lies ahead of 75.50.
The current interbank midrate is:    NZDJPY 73.80

The interbank range this week has been:    NZDJPY 72.98 - 77.82
Tuesday 5th April 2:30pm(NZT)
The New Zealand dollar has fallen sharply against the Japanese Yen since our report on Friday. The move comes after some “risk off/safe haven” flow on Friday which has the result of favouring the JPY over the NZD. A fall in commodity prices overnight and a poor local Q1 NZIER Business Confidence read this morning has further dented the cross in trade this week. Data releases that will influence the cross are lacking this week, although the overnight GDT dairy auction should be eyed. This should ensure the decline in this cross doesn’t extend beyond support at 75.00(unless we see a sharp rise in risk aversion brought about via global market volatility).
  Current Level Support Resistance Last week's range
NZD/YEN 75.57 75.00 78.20 75.52 - 78.21

Friday 1st April 3:30pm(NZT)
The New Zealand dollar has rallied strongly against the Japanese Yen this week. The move was a result of the outperformance of the NZD relative to the JPY post the comments from Fed Chair Janet Yellen (which saw the USD dive). The dovish US rate comments gave the market an additional reason to embrace risk (NZD+). Next resistance now lies around the 79.40/50 zone whilst close by support levels are tough to see, although retracement levels at 77.30 and 76.90 may offer some support. Look for tonight’s US employment data and resultant appetite for risk to bring the next notable move in this cross.
The current interbank midrate is:    NZDJPY 77.75

The interbank range this week has been:    NZDJPY 75.51 - 78.21
Tuesday 29th March 2:30pm(NZT)
The New Zealand dollar has drifted higher against the Japanese Yen since our last report. Declines last week were limited to the 75.20 area and occurred after the Brussels terrorist attacks which briefly bolstered demand for the safe haven JPY. Data calendars have been quiet for both countries over the last week. However, interest should pick up this week on Friday with the Japanese Tankan data and US employment numbers both due. We favour a moderate drift higher for now, although support levels are distant. Resistance beyond 76.50 lies at 77.00 and 77.80.
  Current Level Support Resistance Last week's range
NZD/YEN 76.36 75.00 76.50 74.94 - 76.46

Tuesday 22nd March 3:30pm(NZT)
The New Zealand dollar sits relatively mid-range in trade against the Japanese Yen currently. The significant volatility for the cross that was observed post the US Fed monetary policy meeting has eased somewhat in recent trade. Gains that capped ahead of 76.50 after the meeting were helped by the positive reaction in commodities post the Fed and the gains that were seen in the NZD/USD after the meeting. Quiet data schedules from both countries and a holiday week have us favouring reduced ranges this week. We continue to see more range trading as most likely for now.
  Current Level Support Resistance Last week's range
NZD/YEN 75.87 74.50 76.50 74.43 - 76.45

Friday 18th March 1:30pm(NZT)
It has been another choppy week for the New Zealand dollar against the Japanese Yen this week. Early week declines were noted on the back of lower commodities and a subsequent fall in the commodity currencies. Lows around 74.50 were seen prior to yesterday’s US FOMC interest rate statement. The resultant USD sell-off after the more dovish than expected statement has seen currencies with exposure to risk flow and commodities (i.e. like the NZD and AUD) particularly benefit from the Fed’s reduced interest rate path projection. Expect the risk and commodity issues to again dominate trade next week given the light data schedule from NZ and Japan. 77.00 resistance is the target for this current swing higher.
The current interbank midrate is:    NZDJPY 76.05

The interbank range this week has been:    NZDJPY 74.43 - 76.99
Tuesday 15th March 1:30pm(NZT)
Expect the choppy trade seen by the New Zealand dollar against the Japanese Yen last week to continue again this week. Volatility should rise significantly later today over the BOJ monetary policy meeting press meeting and will continue later in the week, especially during the US FOMC meeting and NZ GDP number on Thursday. Look for the commodity and risk aversion themes to again have a strong influence also. A pick-up in commodity pricing and risk sentiment allowed the cross to rally to 77.00 on Friday. This level now forms first resistance, whilst support post the RBNZ decision has formed around 75.00. We favour selling rallies higher for those looking to transfer NZD to JPY.
  Current Level Support Resistance Last week's range
NZD/YEN 76.02 75.00 77.00 75.03 - 77.00

Friday 11th March 1:30pm(NZT)
The New Zealand dollar has fallen heavily against the Japanese Yen this week in current trade. The move has come in the last 36 hours after yesterday’s surprise move by the RBNZ to cut interest rates, a move that has come much earlier this year than that predicted by most in the market. The RBNZ left the door open for further cuts in 2016 and some banks now see a cash rate of 1.75 % as possible by the end of the year (current is 2.25%). We favour selling rallies in this cross after yesterday’s bearish RBNZ assessment of the local economy. This view would be further enhanced should the financial market volatility again spike in the weeks ahead. Next week’s BOJ meeting on Tuesday is the first key event to watch for this cross. Resistance has again formed ahead of 76.50.
The current interbank midrate is:    NZDJPY 75.40

The interbank range this week has been:    NZDJPY 75.02 - 77.81
Friday 4th March 6:00pm(NZT)
The New Zealand dollar has once again experienced a rollercoaster ride against the Japanese Yen this week. Early week losses were seen on the back of weak local data and a “sell” call by a leading local bank. Unstable equity markets earlier in the week gave way to solid gains as the week closed out and had the effect of reducing the safe haven demand for the JPY as the week progressed. Support below the weekly lows (~74.00) lies at 73.20, whilst the broad resistance zone (76.50-76.90) has so far capped the rally. We expect more of the same next week, although favour higher lows.
The current interbank midrate is:    NZDJPY 76.41

The interbank range this week has been:    NZDJPY 73.98 - 76.73
Tuesday 1st March 2:30pm(NZT)
The New Zealand dollar has once again fallen sharply against the Japanese Yen in recent trade as it continues the familiar up/down swings experienced since early February. The present decline comes on the back of the sharp fall in the NZD/USD exchange rate seen late on Friday after the strong series of U.S. data. Sentiment towards the local currency also took a hit yesterday after weak local data and a “sell” call by a leading local bank. Key support for the cross continues to lie around the 73.20 level; resistance lies much higher in the 76.50-76.90 zone.
  Current Level Support Resistance Last week's range
NZD/YEN 74.24 73.20 76.90 73.60 - 76.59

Friday 26th February 2:00pm(NZT)
The New Zealand dollar is sitting near its weekly highs against the Japanese Yen in present trade. A surging JPY which again visited highs around 111.00 against the USD and a contraction in the NZD/USD exchange rate saw the cross dip to near the 73.50 level during the week. Resistance is seen at 76.50 and in the 76.80/90 zone. Key support lies near the weekly lows and extends to 73.20. We favour more choppy trading in the week ahead noting the reduced momentum for further significant losses. Again safe haven JPY demand and risk sentiment will be the key drivers of shifts within the recent ranges.
The current interbank midrate is:    NZDJPY 76.36

The interbank range this week has been:    NZDJPY 73.60 - 76.38
Tuesday 23th February 4:00pm(NZT)
The New Zealand dollar has rallied against the Japanese Yen this week, although sits off its highs in present trade. This cross appears to be in a consolidating phase presently which comes on the back of the previous significant declines seen at the start of 2016 which occurred on the back of the risk off NZD flow and JPY safe haven demand. Empty data calendars and reduced market volatility have us favouring more of the same this week as our bullish JPY view (against the USD) is offset by improving demand for the NZD in the more stable risk environment.
  Current Level Support Resistance Last week's range
NZD/YEN 75.51 74.10 76.50 74.20 - 76.53

Friday 19th February 2:00pm(NZT)
The New Zealand dollar sits near its opening levels of the week against the Japanese Yen currently. This comes after a week where volatility was notably reduced from last week. Highs around 76.50 have capped the rally this week and occurred prior to a mid week slump which took the NZD/JPY back to below 74.50. Risk sentiment and safe haven flow will again drive moves in this cross next week, especially given the quiet data calendar of both countries. We continue to favour selling rallies based on our bullish JPY view.
The current interbank midrate is:    NZDJPY 75.02

The interbank range this week has been:    NZDJPY 74.45 - 76.53
Tuesday 16th February 2:00pm(NZT)
The New Zealand dollar has drifted higher against the Japanese Yen since our last report. Once again it has been risk sentiment flows and the safe haven appeal of the Yen which has been the key driver. Better than expected U.S. data on Friday helped lift investor risk sentiment at the end of week, which accordingly reduced the safe haven demand for the Yen. Comments from Japanese officials have also placed the Yen under some pressure since our last report, although some consolidation after last week’s strong surge had to be expected. We favour selling rallies in this cross and expect the JPY sell-off against the USD to be relatively brief. Key support is distant (~73.50).
  Current Level Support Resistance Last week's range
NZD/YEN 76.15 0.9140 0.9240 73.34 - 76.78

Friday 12th February 2:00pm(NZT)
Trade in the New Zealand dollar has been particularly volatile against the Japanese Yen this week. The overall direction for this cross has been lower although a sharp bounce from the lows has been seen in recent hours. The safe haven status of the JPY has been the primary driver of this move, especially in light of the reasonable performance of the NZD in the face of risk aversion flow (due to heavy overall USD selling). These issues will gain dominate next week. Some resistance should be seen on this bounce in the broad 76.80-77.65 zone. The extreme USD/JPY (JPY ~+5% at one point on the week) moves makes exact levels hard to call at present. Buyers could target around 73.50 on another bout of JPY strength.
The current interbank midrate is:    NZDJPY 75.25

The interbank range this week has been:    NZDJPY 73.34 - 78.80
Tuesday 9th February 3:00pm(NZT)
The New Zealand dollar has again fallen sharply against the Yen in recent trade on the back of a re-emergence in the theme of risk off selling (in the NZD) and safe-haven demand (JPY). This has come about as global share markets turned sharply negative since our last report. This theme has been a regular one so far in 2016 as global and emerging market growth fears have dominated. These were joined overnight by a spike in credit market concerns, especially in the financial sector. We expect a heavy tone to dominate until markets undergo a sustained period of calm, a likelihood that unfortunately looks remote at present.
  Current Level Support Resistance Last week's range
NZD/YEN 76.42 75.70 77.60 76.21 - 79.21

Friday 5th February 2:00pm(NZT)
The New Zealand dollar is finishing the week against the Yen near those levels seen at the start of the week. This comes on the back of sharp rallies seen by both the NZD and JPY on the back of the large scale sell-side liquidation seen this week in the USD. The relatively flat NZD/JPY trade comes despite the surprise easing seen by the BOJ last week and the better than expected NZ Q4 employment report on Wednesday. Some resistance (ahead of 80.00) is emerging around the 79.40 level this week. Whilst marginally favouring higher levels for the time being, we note the perilous position of the USD/JPY should 115.50 break (on the downside). Risk flow, USD liquidations and safe haven demand (JPY) will continue to be important for this cross next week, especially in light of the low impact data schedules.
The current interbank midrate is:    NZDJPY 78.62

The interbank range this week has been:    NZDJPY 76.85 - 79.36
Tuesday 2nd February 2:00pm(NZT)
The New Zealand dollar staged a strong rally against the Japanese Yen since our last report. The rally came predominantly on the back of the (very) unexpected easing by the BOJ on Friday after they were seen imposing negative interest rates for the first time. The move lower in the JPY was immediate which exposed a very short USD long JPY market at the time. The plunge to ~76.00 post the RBNZ meeting now seems distant and given the expressed willingness for the BOJ to act further should not be visited in the immediate future. Threats to further gains for now will come from the NZ event calendar over the next 36 hours (dairy pricing, employment and the RBNZ Governor speech). First support is now seen around 78.00 with immediate resistance lying at and just above 80.00.
  Current Level Support Resistance Last week's range
NZD/YEN 79.05 78.00 81.00 75.75 - 79.36

Friday 29th January 1:30pm(NZT)
The New Zealand dollar sits towards the middle of its weekly range against the Japanese Yen in current trade and ranks as the best performing of the crosses we cover this week. This comes despite yesterday’s RBNZ meeting which saw the market increasing the likelihood of a further cut to the cash rate in 2016 after Governor Wheeler noted the downside risks of the present local inflation outlook. The JPY is also mildly soft in present trade ahead of this afternoons BOJ press conference. This as the market exercises caution given the increasing likelihood that the BOJ will soon have to address their own inflation problem. We see choppy 76.00/77.60 trade as being most likely prior to our next report.
The current interbank midrate is:    NZDJPY 77.06

The interbank range this week has been:    NZDJPY 75.75 - 77.66
Tuesday 26th January 4:00pm(NZT)
The New Zealand dollar has eased against the Japanese Yen in recent trade after peaking ahead of 77.60 in trade last week. The sharp bounce from the lows seen near 73.70 occurred after a solid improvement in risk sentiment, in part helped by a rebound in the oil price from multi-year lows. This week is again likely to be a volatile one for this cross as the RBNZ and BOJ meetings collide with the continued volatility seen in financial and commodity markets. We favour selling rallies above 77.50 for the time being.
  Current Level Support Resistance Last week's range
NZD/YEN 75.92 73.70 78.00 73.66 - 77.54

Friday 22nd January 2:30pm(NZT)
The New Zealand dollar has experienced large moves this week against the Japanese Yen on the back of sharp moves in both the USD/JPY and NZD/USD exchange rates- as ‘risk’ flow dominated trade in both pairs. The early part of the week saw weakening global equity bourses and commodity prices move lower, although the pair reached its lows after the worse than expected NZ Q4 inflation print. Lows around 73.70 proved very short lived however, and the NZD/JPY has gained sharply to trade near its highs for the week currently. Initial resistance just ahead of 78.00 is the target should this move extend further, the likelihood of which will depend on the performance of offshore financial markets over coming days and the outcome of the RBNZ central bank meeting next Thursday.
The current interbank midrate is:    NZDJPY 77.10

The interbank range this week has been:    NZDJPY 73.66 - 77.21
Tuesday 19th January 2:00pm(NZT)
The strong downtrend seen in this pair since the beginning of 2016 remains well intact. If the pair could sustain a break back above 76.00 it may signal a broader correction higher is unfolding, but until then the risks remain skewed to the downside. Support comes in around 74.50 and that has contained the weakness for now. Tonight’s dairy auction and tomorrow’s NZ inflation data will draw attention, and both could easily influence the value of the NZD. There is little of significance set for release from Japan this week. Any periods of weakness in global equity markets will continue to pressure this pair and keep risk aversion the dominant theme.
  Current Level Support Resistance Last week's range
NZD/YEN 75.72 74.50 76.00 74.63 - 77.95

Friday 15th January 2:00pm(NZT)
The New Zealand dollar has had a volatile week against the Japanese Yen on the back of swings in risk sentiment and safe haven demand for the Yen. Gains were capped during the week ahead of 78.00 .The lows for the week which were set over the last 24 hrs (~75.50) were repelled on the back of a bounce in commodity prices and commodity currencies. A rally in U.S. equities in overnight trade has also helped bolster risk sentiment. These issues looks set to drive trade in this cross again next week, although the NZ inflation and dairy price data releases should also be noted. On balance we now favour a consolidation and partial recovery in this cross given the sharp falls already seen, and solid bounce observed from the lows.
The current interbank midrate is:    NZDJPY 76.75

The interbank range this week has been:    NZDJPY 75.56 - 79.12
Tuesday 12th January 2:00pm(NZT)
The New Zealand dollar has fallen sharply against the Japanese Yen in 2016 posting the largest falls of the NZD crosses covered by us. Key support around 79.65 broke easily last week as the Yen rallied on the back of safe haven demand and the NZD/USD exchange rate became a victim of the sharp Chinese inspired increase in global risk aversion. Periods of heightened risk aversion always pose a high risk to the NZD/JPY pair, which typically falls heavily during these periods. Commodity price weakness fuelled by Chinese growth concerns placed further pressure on commodity currencies over the week. We favour this cross to trade heavily this week; first selling is likely to be seen around 77.60.
  Current Level Support Resistance Last week's range
NZD/YEN 77.15 76.00 79.20 76.11 - 80.80

Tuesday 22nd December 2:00pm(NZT)
The New Zealand dollar continues to trade near the middle of the last weeks range against the Japanese Yen in current trade. Moves after the BOJ meeting have been bounded by ~ 81.20/82.60. Key resistance remains around 83.35, while on the downside key support lies around the 79.65 level. Liquidity considerations in the NZD will be a key motivator of movements over the holiday period. Japanese inflation, retail sales and industrial production data are all scheduled over the week ahead but should take a back seat to risk sentiment and liquidity concerns. 
  Current Level Support Resistance Last week's range
NZD/YEN 82.15 79.65 83.35 81.17 - 83.03

Friday 18th December 2:30pm(NZT)
The New Zealand dollar sits near the middle of the weeks range against the Japanese Yen currently. Highs just above 83 Yen have been repelled in recent hours on the back of the slide seen in the NZD/USD last night, a move dictated once again by deteriorating commodity pricing. Key resistance for this cross lies around 83.35, whilst key support is distant around 79.65. The BOJ monetary policy meeting this afternoon is the immediate test for this cross, we expect volatile trade over the announcement although we would be surprised to see a move outside the above bounds, unless the BOJ was to very unexpectedly expand the asset purchase program (+NZD/JPY).
The current interbank midrate is:    NZDJPY 82.12

The interbank range this week has been:    NZDJPY 80.95 - 83.03
Tuesday 15th December 2:00pm(NZT)
The New Zealand dollar sits near the centre of its recent ranges seen against the Japanese Yen in trade today. Highs last week topped around the 82.65 level on Friday, safe haven Yen demand and risk-off selling saw this cross fall heavily later in the session to eventual lows under 81.00 yesterday. It is likely to be another volatile week for the cross this week with the BOJ monetary policy meeting on Friday, the U.S. FOMC/NZ GDP on Thursday and GDT dairy auction overnight. Key support remains around 79.65. We lack any real bias for the time being.
  Current Level Support Resistance Last week's range
NZD/YEN 82.01 79.65 83.35 80.36 - 82.65
 
Friday 11th December 2:30pm(NZT)
The New Zealand dollar has had a volatile week against the Yen this week, especially after yesterday’s RBNZ cash rate meeting. The decision by the central bank to apparently indicate that rates were unlikely to be lowered again after yesterday’s cut saw the NZD/JPY cross surge. Gains have so far been limited to 82.35. Key support remains around the 79.65 level, on the topside Friday’s post U.S. employment report highs around 83.35 form the immediate key resistance. The key test to this cross will be next week’s BOJ monetary policy meeting on Friday, for now we moderately favour the upside although note a large hole under current levels to first support.
The current interbank midrate is:    NZDJPY 82.33

The interbank range this week has been:    NZDJPY 80.36 - 83.37
Tuesday 8th December 2:30pm(NZT)
The New Zealand dollar has fallen sharply against the Yen after Friday’s post U.S. non-farm payrolls employment report liquidity surge, which took it to highs around the 83.35 level. Some support is seen around 81.20, although more key support is distant at 79.65. The next key driver for this cross will come from Thursday’s RBNZ rate call. We lack any real bias at current levels based on a very tough RBNZ rate call.
  Current Level Support Resistance Last week's range
NZD/YEN 81.85 79.65 83.35 81.24 - 83.37

Friday 4th December 2:00pm(NZT)
The New Zealand dollar continues to trade firmly against the Japanese Yen this week, although presently it trades off highs seen around 82.30. The NZD gains have been aided by a stronger AUD this week, whilst the JPY gains against the broader USD move overnight have likely been mitigated by selling against the Euro post the ECB meeting. The next important driver of this cross will be next Thursday’s RBNZ meeting; further areas to sell should be noted from 82.70 right through to the 83.30 level. First support remains at 79.65.
The current interbank midrate is:    NZDJPY 82.00

The interbank range this week has been:    NZDJPY 79.99 - 82.28
Tuesday 1st December 4:00pm(NZT)
The New Zealand dollar is trading firmly against the Japanese Yen this week, settling above first resistance around the 81.00 level for the time being. Risk sentiment will be an important driver for whether this cross can build on its recent gains and extend to next resistance near the 82.00 level. This is especially pertinent given the light data calendar out of both NZ and Japan (GDT dairy price auction tonight aside). Increased risk sentiment following a larger than expected stimulus programme from Thursday’s ECB meeting may be the catalyst for the move higher, at least prior to next week’s RBNZ cash rate decision.
  Current Level Support Resistance Last week's range
NZD/YEN 81.25 79.65 82.00 79.70 - 81.44

Friday 27th November 2:30pm(NZT)
The New Zealand dollar remains well contained against the Japanese Yen in trade this week. There has been little of note in the release calendar from either regions this week to trouble recent ranges. This is also likely to be the case next week although we note the release of the GDT dairy price index on Wednesday morning. Risk sentiment will continue to an important factor especially if events in the Middle East were to escalate (NZD/JPY negative). First resistance is again seen near 81.00, on the downside some support appeared around 79.65 during the week.
The current interbank midrate is:    NZDJPY 80.60

The interbank range this week has been:    NZDJPY 79.70 - 81.16
Tuesday 24th November 3:00pm(NZT)
The New Zealand dollar currently sits near the middle of its range seen against the Japanese Yen last week. We continue to favour selling rallies for now (esp. above 81.00) although see little to move this cross beyond last week’s extremities, Fridays Japanese inflation and household spending data will be of interest though. The risk to this view would be an unforeseen meltdown is risk sentiment.
  Current Level Support Resistance Last week's range
NZD/YEN 80.02 79.25 81.20 79.50 - 81.16

Thursday 19th November 1:00pm(NZT)
The NZ dollar has seen some pressure from the JPY this week, and this comes in the face of the disappointing Japanese GDT numbers on Monday. Trade is been tepid to be fair, with a relatively small range seen ahead of today’s Japanese trade data and BOJ monetary policy statement. Certainly the commodities outlook seems to have weighed on the NZD sentiment and expect this to continue in the short term at least. Expect this wider market sentiment to provide the primary driver for the price action next week with the NZ trade numbers likely to be of limited impact on Thursday. Friday provides the Japanese focus in the form of the employment and inflation numbers and these will be closely watched. A push down through support around the 79.50-79.25 level would open up the way for investigations lower.
The current interbank midrate is:    NZDJPY 79.92

The interbank range this week has been:    NZDJPY 79.50 - 80.78
Tuesday 17th November 3:00pm(NZT)
The New Zealand dollar has drifted lower against the Japanese Yen over the last few days as investors have favoured the safe-haven Yen over the NZD since the weekend’s terror attacks. We continue to favour selling rallies in this environment. Key events for the cross this week are tonight’s GDT dairy auction and the BOJ monetary policy meeting on Thursday. The addition of further stimulus at this meeting would help to arrest the pairs current decline.
  Current Level Support Resistance Last week's range
NZD/YEN 79.95 79.25 81.00 79.64 - 80.94

Friday 13th November 2:00pm(NZT)
The New Zealand dollar has been well contained within recent ranges against the Yen this week. This should continue to be the case while 79.80 holds. For now we favour selling rallies towards 81.00 especially if the market becomes more concerned over global risk sentiment. Next week’s key events to watch include the possibly pivotal BOJ monetary policy meeting on Thursday. NZ retail sales data (Monday) and dairy price data (Wednesday morning) will also be of interest.
The current interbank midrate is:    NZDJPY 80.27

The interbank range this week has been:    NZDJPY 79.97 - 81.06
Tuesday 10th November 1:30pm(NZT)
The New Zealand dollar sits near the middle of its range seen against the Yen currently after finding some support under 80.00 following the latest soft GDT dairy auction and NZ Q3 employment report last week. The strong U.S. non-farm payrolls report on Friday has helped bolster the USD significantly against the Yen and has contributed to the NZDJPY staying within a range as the NZD/USD exchange rate found buying interest around the .6500 level. With a light data calendar from both countries this week we see this cross as likely continuing to stay with a 79.85/81.10 type range, although marginally favour the downside. Global risk sentiment is likely to be the key driver.
  Current Level Support Resistance Last week's range
NZD/YEN 80.46 79.85 81.10 79.92 - 81.84

Friday 6th November 1:00pm(NZT)
The New Zealand dollar has declined against the Yen this week largely mirroring the declines seen in the NZD/USD exchange rate after this week’s soft GDT dairy auction and NZ Q3 employment report. A light data calendar in both NZ and Japan next week will likely mean this cross will derive its moves from risk sentiment. We now favour a drift lower as this week’s NZ data has investors reducing their NZD exposures and we favour more of the same on rallies in the NZDUSD. Initially selling should be seen around 80.85 and then more importantly around 81.80/90. First support lies around 79.85 although better support should lie around 100 pips lower.
The current interbank midrate is:    NZDJPY 80.45

The interbank range this week has been:    NZDJPY 79.92 - 81.94
Tuesday 3rd November 5:30pm(NZT)
The lack of any action by the BOJ at its meeting on Friday has meant the New Zealand dollar has traded well within recent ranges against the Yen. Key to further gains will be the data out of NZ over the next 24 hours (dairy price and unemployment), especially given the light Japanese data flow this week and the recent reduced market turmoil which has limited JPY safe-haven flow. The bias is moderately higher for the time being while the support around 80.20 holds although the data will dictate.
  Current Level Support Resistance Last week's range
NZD/YEN 81.60 80.20 82.25 80.29 - 82.02

Friday 30th October 2:30pm(NZT)
The New Zealand dollar remains supported against the Japanese Yen for now. Some resistance has now formed around 82.25 (82.70 beyond) after the RBNZ monetary policy meeting cited concerns over the elevated currency level. A break of this week’s lows around 80.20 would bring 79.00/79.25 into view. We lack a bias for now, although note the heightened downside risks after this week’s RBNZ meeting. The BOJ meeting later today will be pivotal for immediate direction. Next week’s NZ unemployment and dairy price data to be released on Wednesday should also be closely watched.
The current interbank midrate is:    NZDJPY 81.35

The interbank range this week has been:    NZDJPY 80.29 - 82.67
Tuesday 27th October 4:00pm(NZT)
The New Zealand dollar remains well support against the Japanese Yen currently trading just below 82.00. The pair traded as high as 82.69 on Friday before the surprise Chinese interest rate cut put some downward pressure on the NZD. Key trend line support comes in around 81.50 and while the pair remains above that level the risks are skewed to further gains. This week could prove to be a decisive one however, with central bank meeting in both New Zealand and Japan. Neither decision is a forgone conclusion and as such there is every chance for some volatile price action. Be wary of a break below 81.50 support as this would open the way for a much broader pullback initially targeting 79.00.
  Current Level Support Resistance Last week's range
NZD/YEN 81.83 81.50 83.00 80.32 - 82.67

Friday 23rd October 1:30pm(NZT)
The New Zealand dollar has recovered well from early week lows set near 80.25 against the JPY to now be trading near its recent up-move highs (82.05). This move looks to be heading towards further resistance in the 83.00/30 zone. It has been driven by renewed weakness in the Yen as investors re-assess their bet (post the ECB) on additional BOJ stimulus at next week’s monetary policy meeting. Thursdays RBNZ rate call will also be a key driver along with any further risk on/off flow that has a strong bearing on the NZDJPY.
The current interbank midrate is:    NZDJPY 82.20

The interbank range this week has been:    NZDJPY 80.32 - 82.17
Tuesday 20th October 1:25pm(NZT)
The New Zealand dollar has eased from its highs seen against the Japanese last week (~81.80) although remains firm after the recent kiwi supportive RBNZ comments. Last week’s highs signal the first resistance although stronger selling should be seen in the 83.00/30 zone. A strong correction could see moves sub 79.50 although appear unlikely this week given the light data calendar.
  Current Level Support Resistance Last week's range
NZD/YEN 81.16 79.25 81.80 79.27 - 81.69

Friday 16th October 3:00pm(NZT)
The New Zealand dollar has firmed against the Japanese Yen this week to highs near 81.80. This move comes on the back of the firming NZDUSD which has benefitted from RBNZ Governor Wheeler’s comments and a weaker USD which has eased as the market pares the timing of Fed rate hikes further into 2016. The JPY has rallied against the USD on the back of safe-haven demand in recent sessions and comments from the BOJ Governor downplaying the need for fresh quantitative easing (QE) at the IMF meeting. The 83.00/30 area is the next key target given the current upside momentum, next week’s GDT dairy auction result and the JPY safe haven appeal will be a key driver.
The current interbank midrate is:    NZDJPY 81.27             

The interbank range this week has been:    NZDJPY 79.27 - 81.69  
Tuesday 13th October 2:00pm(NZT)
The New Zealand dollar continues to remain well sought after against the JPY on the back of renewed risk appetite and rallying commodity prices which are helping lift the NZDUSD significantly. The Japanese Yen has been mainly range-bound against the USD over recent weeks and comments from BOJ Governor Kuroda at the weekend quashed expectations of additional stimulus at the coming BOJ meeting, meaning further losses by the JPY against the USD in the short term may be limited. Fresh upside in this cross is therefore likely to be induced by further gains in the NZDUSD. Immediate resistance lies at 81.00 and beyond this the 83.00/30 zone.
  Current Level Support Resistance Last week's range
NZD/YEN 80.55 78.90 81.00 77.98 - 80.98

Friday 9th October 3:00pm(NZT)
This cross has experienced large gains this week as is normal during periods of renewed enthusiasm for risk. The New Zealand dollar has benefitted from rallying commodity prices and more specifically the 9.9% rise in the latest GDT dairy auction whilst the Japanese Yen has largely been tightly range-bound against the USD over recent weeks, something the latest predictable BOJ monetary policy meeting did little to change. Fresh moves in this cross are likely therefore to be dictated by moves in the kiwi with immediate resistance now forming near 80.50 and first support around 78.90.
The current interbank midrate is:    NZDJPY 80.01

The interbank range this week has been:    NZDJPY 76.28 - 80.06
Tuesday 6th October 2:00pm(NZT)
We have seen strong gains for this pair over the past week helped by a return of positive risk sentiment. The New Zealand dollar has also been supported by the outlook for another decent dairy auction tonight, while the Japanese Yen is struggling on the back of growing expectation for further easing measures from the Bank of Japan. The break above 77.50 is a positive signal and that level will now provide support on the downside. The next key resistance area doesn’t come in until 80.50 and that level may well provide a good target for the pair over the coming week or two. After Fonterra’s dairy auction tonight the market will quickly turn its attention to tomorrow’s BOJ meeting.
  Current Level Support Resistance Last week's range
NZD/YEN 78.20 77.50 80.50 75.22 - 78.53

Friday 2nd October 2:00pm(NZT)
There has been little to get excited about in this paring recently with trade confined to the same range that has dominated for the past month or so. Some relative NZD outperformance saw the top of that range, around 77.50, tested last night, but there was little motivation to try and take the cross higher. An improvement in NZ business confidence this week has lent some support to the NZD, while the Tankan report suggests the Japanese economy continues to struggle. We can expect some volatility around the release of US employment data tonight, but while 77.50 resistance caps the pair we are likely to see further range trading.  Next week from NZ we have the NZIER’s quarterly survey of business opinion along with another dairy auction to digest. While from Japan we get core machinery orders, the current account, average cash earnings, and the economy watchers sentiment index.
The current interbank midrate is:    NZDJPY 76.72

The interbank range this week has been:    NZDJPY 75.22 - 77.42
Tuesday 29th Sept 3:00pm(NZT)
There has been little to get excited about in this pairing over the past week, with a continuation of the 74.50 to 77.50 range that has dominated since the beginning of September. The New Zealand dollar gained support from Fonterra’s announcement late last week and that continued in the early stage of this week. As a result the pair briefly traded over 77.00, but there was little motivation to push the pair higher. In the past 24 hours the cross has pulled back sharply to levels below 76.00. At this stage there is nothing to suggest we will see a break of the current range, although there are some key releases from Japan to digest over the coming days. Retail sales, household spending, unemployment and the quarterly Tankan survey are all set to hit the wires. While from NZ we just have building consents and business confidence numbers to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 75.40 75.50 77.50 74.89 - 77.20

Friday 25th September 2:30pm(NZT)
Like many New Zealand dollar crosses, this pair has managed to recover in the past 36 hours from the lower end of its recent range. The gains have come on the back of NZD strength which triggered by Fonterra’s upgrade to forecasted pay-outs. Broadly speaking however, the NZDJPY is still well contained between the 75.00 to 77.50 range that has dominated for much of September. With the pair now trading mid-range, around 76.20, there is little sign of an impending break out in either direction. Look for levels around 77.50 to continue to provide a tough barrier to further NZD gains. Next week from NZ we have building consents and business confidence data to digest. While from Japan we get retail sales, the quarterly Tankan report, household spending and the unemployment rate.
The current interbank midrate is:    NZDJPY 76.10

The interbank range this week has been:    NZDJPY 74.89 - 77.08
Tuesday 22nd Sept 2:30pm(NZT)
There has been no direction to speak of in this pair over the past week with action in the wider market causing volatile trading between the parameters of 76.00 and 77.50 in recent days. With little to get excited about in terms of economic releases from either country this week we may well continue to see sideways price action. Look for 77.50 to continue to cap the topside with the risks been skewed toward a test below 76.00 over the coming days.
  Current Level Support Resistance Last week's range
NZD/YEN 76.19 75.50 77.50 75.37 - 77.56

Friday 18th September 2:50pm(NZT)
It has been a week of sideways price action for this pairing with trade consolidating between the broad parameters of 75.00 and 77.00. We did see significant volatility in the immediate aftermath of this mornings Fed statement, which resulted in a very short lived spike to 77.57. Prices quickly reverted however, and the cross once again looks comfortable around the 76.00 area. Both the RBNZ and the Bank of Japan are expected to ease monetary policy further over the coming months and as such both currencies should remain broadly under pressure. This will likely result in a further period of choppy sideways price action between 74.00 and 78.00. Next week from New Zealand we have consumer sentiment, visitor arrivals and the trade balance set for release. While from Japan we have manufacturing PMI and inflation data to digest.
The current interbank midrate is:    NZDJPY 76.30

The interbank range this week has been:    NZDJPY 75.37 - 77.57
Tuesday 15th Sept 1:30pm(NZT)
This pair has carved out an increasingly tight range in recent days around the 76.00 level. Direction from here is a tough call and the market may well look to consolidate further ahead of Thursday’s key US Fed meeting. There is all sorts of potential for volatility in the wake of that announcement and if wider market risk sentiment takes a hit as a result, it will be negative for this pairing. Tonight’s dairy auction from Fonterra will draw attention, as will NZ GDP data on Thursday. The Bank of Japan rate statement this afternoon shouldn't hold any real surprises, although it seems likely we are ever so slowly getting close to further easing from the BOJ.
  Current Level Support Resistance Last week's range
NZD/YEN 76.35 75.00 77.00 74.53 - 77.77

Friday 11th September 2:30pm(NZT)
It has been an interesting week of price action for this pair and one that has muddied the waters so to speak in terms of the outlook. A period of New Zealand dollar strength mid-week took the pair to a high of 77.77 in the lead up to yesterday’s RBNZ monetary policy statement, and although we have seen a sharp fall since that release, it has come well short of testing recent lows around 74.50. That has in large part been because the Yen has also seen recent weakness in the wake of comments from officials. Price action this week has broken the recent run of lower highs and lower lows, and as such the near term direction is now a lot less clear. The cross may well enter a period of choppy trading between 74.50 and 78.00 with no real overall direction. Next week from New Zealand we have another dairy auction along with GDP data. While from Japan we have the BOJ monetary policy statement to draw focus.
The current interbank midrate is:    NZDJPY 76.10

The interbank range this week has been:    NZDJPY 74.47 - 77.77
Tuesday 8st Sept 4:30pm(NZT)
In the wake of the extreme volatility seen late last month, trade in this pairing has been defined by a series of lower highs and lower lows. The New Zealand dollar was a big underperformer on Friday night after the US employment report hit the wires and this helped drive the latest leg of weakness with the cross trading down toward 74.50. We have so far seen little in the way of a recovery off that level. Initial resistance comes in around 75.60 and while below that level the risks remain skewed to the downside. We have the RBNZ monetary policy statement out on Thursday morning and expectations around that release are keeping the local currency under pressure. That central bank statement is most likely going to be the main driver of the cross this week.
  Current Level Support Resistance Last week's range
NZD/YEN 74.82 73.60 75.60 74.47 - 77.23

Friday 4th September 1:00pm(NZT)
After a period of weakness on Monday and Tuesday, the New Zealand dollar has managed to regain some ground against the Yen over recent days. Another gain in dairy prices certainly helped the local currency, but its failure to get a foothold above 77.00 suggests the downside risks have not yet abated. With China on holiday for the latter part of this week the market has been spared that potential driver of volatility, but tonight's US employment report is shaping up to be a very interesting one and as such we could easily see some significant moves. On the downside there is support around 75.40 and any move below there would be a very negative signal. On the topside there is strong resistance toward 79.00 which will likely cap any near term gains. Next week we have the RBNZ interest rate meeting to draw focus, with a 0.25% interest rate cut widely expected. While from Japan we have the current account, the final reading of GDP, consumer confidence and core machinery orders set for release.
The current interbank midrate is:    NZDJPY 76.52

The interbank range this week has been:    NZDJPY 75.51 - 78.86
Tuesday 1st Sept 4:30pm(NZT)
The market has remained pretty volatile in the wake of last Monday’s short lived meltdown. In the past 24 hours alone the New Zealand dollar has lost two big figures against the Yen falling from 78.60 to 76.60 on the back of yesterday’s soft NZ business confidence data. Near term direction is a tough call. We have resistance toward 79.00 and support toward 76.00 and those two levels may well contain trade over the coming days. Tonight’s dairy Auction from Fonterra will draw the immediate focus with a further gain in dairy prices expected. From Japan this week we have average cash earnings data on Friday to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 77.00 76.00 79.00 76.31 - 78.86

Friday 28th August 3:00pm(NZT)
The early stage of this week saw some exceptional price action, and nowhere was this more apparent than in the NZDJPY cross. This pair traditionally performs poorly in times of market turmoil and risk aversion, and Monday night was a classic example. To be fair, the move was exaggerated by poor liquidity and only lasted a few minutes but it certainly broke the pair out of a familiar range that had dominated for six weeks or so. Direction from here is now very uncertain, but I suspect a move back up toward 80.00 or potentially even 81.00 could develop. The cross should run into solid resistance somewhere between those two levels and those looking to buy Yen should take advantage of this potential strength.
The current interbank midrate is:    NZDJPY 78.70

The interbank range this week has been:    NZDJPY 75.20 - 81.96
Tuesday 25th Aug 7:30pm(NZT)
After spending the better part of seven weeks in a sideways range between 81.00 and 83.00 this pair completely fell out of bed in recent days. The trigger for the move was concerns around global stock markets, sparked off by a further 8.5% fall in Chinese stocks yesterday. This caused the classic ‘risk off’ scenario where the New Zealand dollar falls and the Japanese Yen appreciates. This drove the cross down below 76.00 for a brief time before the market regained some composure. The only thing that is certain from here is that nervous volatile trading is likely to continue over the course of this week. If we were to see some strength in the pair the 81.00 level will now provide very strong resistance. The immediate risks are however still to the downside.
  Current Level Support Resistance Last week's range
NZD/YEN 77.30 75.00 79.00 75.20 - 82.13

Thursday 20th Aug 1:30pm (NZT)
Wider market volatility continues to see this pair gyrate around between the broad parameters of 81.00 to 83.00. To be fair, the majority of the past week has been spent in the lower portion of the range despite the New Zealand dollar seeing gains on the back of improved dairy prices. Buying dips toward 81.00 remains the favoured strategy for the time being. The immediate focus now turns to the Bank of Japan's monetary policy statement out later this afternoon. This will be followed next week by Japanese data in the form of household spending, inflation, employment and retail sales. While from NZ next week we have inflation expectations and the trade balance to digest.
The current interbank midrate is:    NZDJPY 81.82

The interbank range this week has been:    NZDJPY 81.11 - 82.50
Tuesday 18th Aug 1:30pm(NZT)
There is little to say about this pair apart from its continuation to trade within the now well-defined 81.00 to 83.00 range. Support around 81.00 was tested on two occasions last week, once after the initial Chinese Yuan devaluation announcement then again after soft NZ retail sales figures on Friday. On both occasions the market recovered. Some relative NZ dollar strength in the past 24 hours is likely attributable to a more optimistic outlook for tonight's dairy auction. The pair looks like it will head into that release close the middle of the recent range at 82.00. To draw focus from Japan this week we have the BOJ’s interest rate meeting and monetary policy statement on Thursday. Barring any big surprises from this week’s releases I can only conclude that a further period of 81.00 to 83.00 trading is likely over the coming days.
  Current Level Support Resistance Last week's range
NZD/YEN 81.90 81.00 83.00 81.07 - 82.64

Friday 14th Aug 1:00pm(NZT)
Like most New Zealand dollar pairs, this cross has seen a choppy week of trading albeit mostly contained within recent ranges. 81.00 to 83.00 continues to define trade, with the lower boundary tested on Tuesday in the wake of China’s surprise decision to devalue the Yuan. The market is still trying to decide the longer term implications of the move and as such further volatility can be expected. For now however, I continue to expect dip toward 81.00 to find good support. All eyes will be on the outcome of the special Japanese cabinet meeting today, which is rumoured to be in response to the Yuan devaluation. The Chinese move certainly increases the chance of further action from the Bank of Japan over the coming months, and this should broadly weigh on the Yen. Next week from NZ we have another dairy auction, producer prices and inflation expectations data. While from Japan we have GDP data, the trade balance and the Bank of Japan interest rate meeting.
The current interbank midrate is:    NZDJPY 81.50

The interbank range this week has been:    NZDJPY 81.07 - 82.64
Tuesday 11th Aug 2:30pm(NZT)
The now well defined range of 81.00 to 83.00 continues to dominate trading in this pair. Pressure on the New Zealand dollar in the first half of last week saw the lower end of that range tested, but there was little in the way of follow through selling. As such the local currency staged something of a recovery which has taken it to 82.50 so far. NZ retail sales data is out on Friday, but until then the market may struggle to find fresh reasons to sell the local currency. As such a drift toward 83.00 could well eventuate. From Japan we had the BOJ meeting on Friday but it held no surprises for the market and the impact on the Yen was negligible. Over the coming week we have producer prices, tertiary industry activity and core machinery orders data to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 82.55 81.00 83.00 81.10 - 82.50

Friday 7th August 11:40am (NZT)
This pair remains in what has become a very familiar trading range over the last month. Pressure on the NZ dollar has seen the pair push the lower end of the range frequently this week, but the recover over the last 24hrs from the NZ dollar sees the pair once again at increasingly comfortable levels in the current environment. The Fonterra payout announcement later today coincides with the expected monetary policy statement from the BOJ, so there is room for some volatility around these releases, but its seems likely the recent 81.00-83.00 would contain any moves. Next week the focus moves to the Japanese industrial Production and capacity utilisation data on Wednesday ahead of the Q2 NZ retail sales numbers on Friday.
The current interbank midrate is:    NZDJPY 81.65

The interbank range this week has been:    NZDJPY 81.10 - 82.39
Tuesday 4th Aug 1:30pm(NZT)
It has been another week of choppy sideways price action between the broad parameters of 81.00 and 83.00. The 83.30 high trade in the wake of Governor Wheeler’s speech last Wednesday, but was very short lived. Since then we have seen the New Zealand dollar under perform with prices trading at 81.25 on a couple of occasions recently. At this stage this is nothing to suggest a breakout from the current range, although we do have data over the come days that could easily influence. From NZ we another dairy auction from Fonterra tonight and this will be follow by employment data tomorrow. From Japan we have average cash earnings and leading indicators data ahead of the Bank of Japan monetary policy statement on Friday.
  Current Level Support Resistance Last week's range
NZD/YEN 81.40 81.00 83.00 81.25 - 83.30

Friday 31st July 2:00pm(NZT)
The New Zealand dollar made gains against the Japanese Yen in the first half of the week, even briefly trading above 83.00 in the immediate aftermath of Governor Wheeler's speech on Wednesday morning. But levels over 83.00 could not be sustained and the pair has fallen back toward 82.00 in the past 12 hours. There is minor support around 81.50 and while the market holds above that level there is potential for another attempt higher to develop. Any move below 81.50 would quickly turn the outlook negative and likely lead to a test of cycle lows around 80.50. From NZ next week we have another dairy auction to digest along with employment data. While from Japan the focus will be on average cash earnings, leading indicators and the BOJ monetary policy statement.
The current interbank midrate is:    NZDJPY 81.95

The interbank range this week has been:    NZDJPY 81.23 - 83.30
Tuesday 28th July 3:00pm(NZT)
We have seen some good volatility in the pair over the past week, although the current level is not far from where it was trading last Tuesday. The highs of 82.85 traded in the wake of the RBNZ rate statement on Thursday as the NZD squeezed higher. The pair then moderated all the way back toward 81.20 where it found some support. The New Zealand dollar market still feels very short (sold) and with Governor Wheeler set to deliver a speech tomorrow we could see further volatility. Look for a range of 81.00 to 83.00 to dominate play over the coming days. From Japan this week we have retails sales data, along with household spending and inflation figures set for release.
  Current Level Support Resistance Last week's range
NZD/YEN 81.75 81.00 83.00 81.23 - 82.85

Friday 24th July 1:30pm(NZT)
The New Zealand dollar has stage a significant recovery against the Japanese yen this week. Market positioning has played a key part in the move with a sharp short squeeze higher seen in the wake of yesterday’s RBNZ interest rate cut. Minor support around 81.60 is now the level to watch. While above that level pair could easily look to rally back toward 83.00 again. A break below 81.60 however, would open the way for a test of 80.00. Next week from NZ we only have building consents and business confidence set for release. While from Japan we get retail sales, household spending, inflation and unemployment.
The current interbank midrate is:    NZDJPY 81.92

The interbank range this week has been:    NZDJPY 80.78 - 82.85
Tuesday 21th July 5:00pm(NZT)
We have seen this pair stage something of a recovery off last week’s 80.53 cycle low. Indicators are suggesting downside momentum is waning and as such any potential dips toward support around 80.00 may well provide a buying opportunity. The pair is currently trading around 81.75 and we have the RBNZ’s rate statement on Thursday morning to digest. This release could provide significant volatility. Key to NZD direction will be just how strongly the central bank indicates further interest rate cuts are coming. A cut this week of 0.25% is fully priced into the market. The Yen itself is seeing some pressure in the wake of a downgrade to growth and inflation forecast by the Bank of Japan and this is expected to continue in the near term. A target on the topside would be a test of resistance around 83.00.
  Current Level Support Resistance Last week's range
NZD/YEN 81.97 80.00 83.00 80.53 - 82.98

Friday 17th July 1:30pm(NZT)
Broad based New Zealand dollar weakness has been the key driver of this pair in recent days. This NZD pressure has seen a fresh cycle low at 80.53 trade in the past 12 hours. The Yen itself has seen pressure this week with the Bank of Japan downgrading growth and inflation forecasts, but the NZD has simply underperformed it. Although the immediate risks for the pair remain to the downside there are signs that momentum is waning. There is also significant support around the 80.00 level and the combination of those two factors may be enough to limit further losses to that 80.00 level over the coming week. Those looking to sell Yen should look to do so ahead of 80.00 at the wholesale level. Next week from NZ we have the Reserve Bank rate meeting, with a cut in interest rates widely expected. While from Japan the only release of note is the trade balance on Thursday.
The current interbank midrate is:    NZDJPY 81.00

The interbank range this week has been:    NZDJPY 80.53 - 83.01
Tuesday 14th July 4:00pm(NZT)
This pair staged a bounce from recent cycle lows mid last week helped by a squeeze higher in the New Zealand dollar. Risk aversion in the wider market has been a key driver recently, and in the wake of the recent Greece deal announcement the Yen has weakened significantly. That helped drive the pair up to 83.01 last night. There is still a lot of uncertainty around the smooth passage of this deal through the Greek parliament and as such near term direction is a very tough call. We also have key NZ data in the form of anther dairy auction and second quarter inflation to digest of the coming days along with the Bank of Japan monetary policy statement.
  Current Level Support Resistance Last week's range
NZD/YEN 82.60 81.00 83.00 80.68 - 83.01

Friday 10th July 3:30pm(NZT)
This pair saw pressure in the early stages of the week, which is the normal market reaction to periods of risk aversion. The cross traded as low as 80.68 before staging a decent recovery. That recovery was driven by a record number of short (sold) positions in the NZ dollar market. As traders looked to take risk off the table and lock some profits in they had to buy back their NZD’s and this caused the local currency to move sharply higher. The market is still short NZ dollar and as such this move could easily have further to go. There is still a lot of uncertainty around Greece and the Chinese stock market and as such further volatility is expected. Currently the pair is testing resistance around 82.50 and a move up through that level will encourage further buying toward 83.50. Next week from Japan the highlight will be the BOJ’s monetary policy statement on Wednesday. While from NZ we have inflation data along with another dairy action to digest.
The current interbank midrate is:    NZDJPY 82.45

The interbank range this week has been:    NZDJPY 80.68 - 82.78
Tuesday 7th July 2:30pm(NZT)
In times of broad based risk aversion this is one pair that suffers badly. The New Zealand dollar sees pressure while the Yen often appreciates. That is exactly what happened early yesterday morning as the market digested the Greek referendum outcome. This drove the NZDJPY down to a low of 80.94, but the pair quickly recovered. The market in general was much more orderly than many had expected, and this aided in the relatively quick bounce. With the outcome of the Greek situation still far from certain we could easily see further periods of heightened risk aversion. This makes and near term predictions on price action extremely difficult. The key level to watch at the moment is resistance around 82.30. A break above there could see a  sharp correction higher develop. Still to come this week from Japan we have the current account, core machinery orders and consumer confidence data.
  Current Level Support Resistance Last week's range
NZD/YEN 81.90 80.00 82.30 80.94 - 83.95

Thursday 2nd July 2:30pm(NZT)
The New Zealand dollar has struggled against the Yen this week. Wider market risk aversion weighed on the pair early on Monday and since then we have only seen disappointing NZD data and some encouraging releases from Japan. As a result the pair currently trades close to recent lows around 82.75. With the Greek situation far from certain there is still plenty of potential for further ‘risk off’ sentiment to dive the pair lower again, and this weekend’s referendum may well be key in that regard. If the Greek people vote ‘no’, Monday morning could well repeat itself. The next big support level comes in around 80.00 and that provides the medium target for the current decline.
The current interbank midrate is:    NZDJPY 82.80

The interbank range this week has been:    NZDJPY 82.51 - 85.67
Tuesday 30th June 2:00pm(NZT)
Risk aversion in the wider market has been the main driver of this pair in recent days. In time of heightened market uncertainty the NZDJPY tends to come under pressure and that was certainly what we saw early yesterday morning. The pair traded sharply lower touching 83.00 before staging something of a recovery. Uncertainty around the Greek situation drove the move and it seems unlikely to be resolved until at least after this weekend’s referendum. That should help to limit NZDJPY gains. Initial resistance comes in around 84.60 and that level may well cap the topside over the coming days. Further investigation below 83.00 can’t be ruled out if developments unfold negatively in regard to Greece.
  Current Level Support Resistance Last week's range
NZD/YEN 83.45 82.60 84.60 83.00 - 85.67

Friday 26th June 2:00pm(NZT)
Some relative New Zealand dollar strength over the past few days has seen this pair bounce from recent lows. It’s tough to say how far this corrective rally will take us, although 86.00 looks like a good target to start with. We may well have been there already if the RBNZ hadn’t pre-empted strong NZ trade balance data this morning , with some negative comments which pressured the currency. Support toward 84.00 should continue to contain any periods of weakness in the near term. Next week from NZ we get building consents and business confidence data along with another dairy auction from Fonterra. While from Japan we get retail sales, average cash earnings, and the quarterly Tankan report.
The current interbank midrate is:    NZDJPY 85.15

The interbank range this week has been:    NZDJPY 84.55 - 85.67
Tuesday 23th June 2:30pm(NZT)
New Zealand dollar weakness has kept this pair under pressure over the past week. Disappointing GDP data on Thursday has dramatically increased the chance of another interest rate cut from the RBNZ next month, and as such the local currency has underperformed. There is always the potential for a corrective bounce to develop after such a sharp down leg, and if we do see that over the coming week the pair will run into solid resistance around 86.00. I would look for a range of 84.00 to 86.00 to contain trading this week. From New Zealand we only have the trade balance on Friday to digest. While from Japan the focus will be on household spending, inflation and unemployment data, also out on Friday.
  Current Level Support Resistance Last week's range
NZD/YEN 84.82 84.00 86.00 84.55 - 86.54

Thursday 17th June 2:00pm(NZT)
Weakness in the New Zealand dollar has been a key driver of this pair over the past week. In particular we have seen the local currency come under heavy selling pressure in the wake of this morning surprisingly soft GDP data. This has driven the pair down toward 85.00 and for the time being the risks remain skewed to the downside. We have the Bank of Japan monetary policy statement out tomorrow afternoon to digest and then next week from Japan we get the BOJ minutes along with household spending and inflation data. Next week from NZ we have consumer sentiment, credit card spending and trade balance data.
The current interbank midrate is:    NZDJPY 85.02

The interbank range this week has been:    NZDJPY 85.00 - 86.79
Tuesday 16th June 2:30pm(NZT)
We have seen largely sideways consolidation in this cross since it broke lower in the wake of Thursday’s RBNZ interest rate decision. For the time being support around 86.00 has contained the downside, but I would expect that to come under increasing pressure. On the topside there is now solid resistance around 88.00 which I would expect to cap any periods of New Zealand dollar strength over the coming weeks. From NZ the week we have another dairy auction and GDP data to draw focus. While from Japan the BOJ monetary policy statement on Friday will the main highlight.
  Current Level Support Resistance Last week's range
NZD/YEN 86.40 86.00 88.00 85.93 - 89.00

Friday 12th June 2:00pm(NZT)
Yesterday morning his pair smashed down through the bottom of the 88.00 to 90.00 range that had contained trade for much of the past month. The catalyst was the RBNZ's decision to cut interest rates by 0.25%, and signal another cut is likely over the coming months. This saw the NZD under pressure across the board and against the Yen the local currency traded as low as 86.12. The Japanese Yen itself had been pretty volatile in the 12 hours prior to the RBNZ’s announcement, as comments from Japanese officials triggered a wave of Yen buying. But these moves were dwarfed by the scale of losses seen after yesterday’s RBNZ decision. Look for resistance now seen toward 88.00 to cap any potential periods of NZD strength, with the risks all skewed to the downside. For the time being support around 86.00 has contained the weakness, although I wouldn’t be surprised to see that tested again over the coming days. Next week from NZ we have another Fonterra dairy auction, along with current account and GDP data. While from Japan we have the trade balance and the Bank of Japan’s monetary policy statement to digest.
The current interbank midrate is:    NZDJPY 86.70

The interbank range this week has been:    NZDJPY 86.12- 89.20
Tuesday 9th June 2:00pm(NZT)
This pair remains happily contained with the broad parameters of 88.00 to 90.00 that have been in play since early May. Japan did release some much better than forecast GDP data yesterday, but it has had little influence on the value of the Yen. The key event this week will be the release of the Reserve Bank of New Zealand’s interest rate announcement and monetary policy statement on Thursday morning. We can expect some real volatility around the announcement as it’s a very close call whether they cut interest rates or not. Our opinion is the central bank will remain on hold for the time being, and this should cause some NZD appreciation. We may well see a test of 90.00 develop if indeed that does prove to be the case. From Japan this week we have the economy watchers sentiment, consumer confidence, core machinery orders and tertiary industry activity data.
  Current Level Support Resistance Last week's range
NZD/YEN 88.70 88.00 90.00 88.30- 89.22

Friday 5th June 1:00pm(NZT)
After briefly testing below 88.00 in the very early stages of this week, the New Zealand dollar bounced back toward 89.00, which is right in the middle of its current 88.00 to 90.00 range. Action in the wider market has certainly played a part in driving this pair in recent days, although gains have been limited by another disappointing dairy action from Fonterra that has weighed on the NZD. The key event next week will the Reserve Bank of New Zealand interest rate meeting and monetary policy statement set for release on Thursday morning. With opinion divided on the potential for an interest rate cut, we should see some volatility in the wake of the announcement. If the Reserve Bank hold off, as we expect, the New Zealand dollar will likely gain ground against the Yen, and this could well see a retest of resistance around 90.00. From Japan next week we have the final reading of GDP, consumer sentiment, core machinery orders, and tertiary industry activity data.
The current interbank midrate is:    NZDJPY 88.65

The interbank range this week has been:    NZDJPY 87.80- 89.22
Tuesday 2nd June 2:30pm(NZT)
Although still largely contained within the 88.00 to 90.00 range over the past week, this pair has seen some significant volatility. The cross plummeted from 89.97 on Thursday evening in the wake of Fonterra’s announcement, and then saw further pressure on Friday after NZ business confidence data declined substantially. There were a couple of brief tests below 88.00, but neither could be sustained and in the early stages of this week a small recovery has developed. Selling into strength remains the favoured play with further tests below 88.00 likely over the coming week. From Japan we have tomorrow’s release of average cash earnings data to draw focus, while from NZ attention will turn to Fonterra’s latest dairy auction.
  Current Level Support Resistance Last week's range
NZD/YEN 88.80 88.00 90.00 87.80- 89.97

Friday 29th May 2:00pm(NZT)
Although the broad parameters of 88.00 to 90.00 continue to contain trading in this pair, we have seen some significant moves. The cross traded to 89.97 yesterday morning as a New Zealand dollar short squeeze boosted the local currency in the immediate aftermath of Fonterra’s announcement. That move was driven more by market positioning and not economic fundamentals, and as such what we have seen overnight is offshore sellers of NZD’s turn back up in force.  This quickly drove the pair down to the week’s low of 88.42. The cross did managed to bounce back toward 89.00 but the risks remain skewed to the downside and move back toward 88.00 over the coming week. From NZ next week we only have the overseas trade index and another Fonterra dairy auction of any note. While in Japan the focus will be on average cash earning data.
The current interbank midrate is:    NZDJPY 88.55

The interbank range this week has been:    NZDJPY 88.42- 89.97
Tuesday 26th May 2:00pm(NZT)
The past week has seen this pair trading sideways in an increasingly tight range around 88.80. The broader support and resistance levels of 88.00 and 90.00 haven’t come close to being tested and we may well see those two levels contain trade again this week. From Japan over the coming days we have the BOJ minutes, retail sales, household spending and inflation data to digest. While from NZ this week we get building consents and business confidence numbers.
  Current Level Support Resistance Last week's range
NZD/YEN 88.88 88.00 90.00 88.32- 89.38

Friday 22nd May 2:00pm(NZT)
It has been a very quiet week for this pair with prices drifting sideways around the 88.70 area. The week’s high traded in the wake of stronger than expected NZ inflation expectations data, but the gains couldn’t be sustained. There are tentative indications on a number of NZD crosses that we might see a small recovery in the NZD and should this unfold then a move back to resistance around 90.00 looks likely. Support for the pair around 88.00 continues to look solid and buying into weakness ahead of that level remains the favoured play. We have the Bank of Japan rate meeting later this afternoon which provides the immediate focus. Then next week from Japan we have the trade balance, the BOJ minutes, retail sales, household spending, inflation and industrial production data. From NZ next week we have the trade balance, building consents and business confidence data to draw focus.
The current interbank midrate is:    NZDJPY 88.92

The interbank range this week has been:    NZDJPY 88.29- 89.43
Tuesday 19th May 1:00pm(NZT)
The New Zealand dollar managed something of a recovery against the Japanese Yen in the middle of last week trading up to resistance around 90.00. Since then however we have seen the local currency back under pressure thanks in large part to an announcement from the NZ government. Their decision to tax property speculators comes on top of recent lending restriction announced by the central bank and should at least have a dampening effect of price gains. This gives the central bank more room to cut interest rates and as such has undermined support for the NZD. Support for the pair still comes in around 88.00, while on the topside 90.00 will continue to prove a tough barrier. Those two levels may well contain trade over the coming week. In terms of local data we have NZ inflation expectations and Fonterra’s latest dairy auction to digest. While from Japan this week we have GDP data to digest along with the BOJ monetary policy statement.
  Current Level Support Resistance Last week's range
NZD/YEN 88.45 88.00 90.00 87.99- 90.05

Friday 15th May 1:30pm(NZT)
It has been a week of two halves for this pair driven largely by changes in the value of the New Zealand dollar. Early NZD pressure abated on Wednesday in the wake of the RBNZ Financial Stability Report. The local currency then received a boost from yesterday’s strong retail sales numbers. The pair now trades close to where it started the week and well within the broad parameters of 88.00 to 92.00 that has contained trading for much of the past three months. Buying dips toward 88.00 is the favoured play with little to suggest a breakout from that broad range is likely in the near term. From NZ next week we have inflation expectations data along with another dairy auction from Fonterra and the annual budget release. While from Japan we get data on core machinery orders, tertiary industry activity and GDP. We also have the BOJ monetary policy statement to digest next Friday.
The current interbank midrate is:    NZDJPY 89.15

The interbank range this week has been:    NZDJPY 87.88 - 90.07
Tuesday 12th May 1:00pm(NZT)
There has been little in the way of Japanese data to drive the Yen recently. That hasn’t however stopped this pair from making significant losses on the back of weakness in the New Zealand dollar. As calls grow for interest rate cuts from the RBNZ as early as June, the local currency has struggled with sharp losses across the board. The pair traded down close to 88.00 overnight and there is little to suggest we have seen the end of the selling. The immediate focus now turns to tomorrow's RBNZ financial stability report and this will be followed on Thursday by NZ retail sales data. From Japan this week we get leading indicator, the current account, economy watchers sentiment, and consumer confidence.
  Current Level Support Resistance Last week's range
NZD/YEN 88.17 88.00 90.00 88.14 - 90.78

Friday 8th May 1:30pm(NZT)
New Zealand dollar weakness has been the main driver of this pairing over the past week. With Japan on holiday for three of the five days, there has been little action in the Yen itself. On the NZD side of the equation we saw a sharp decline in the wake of the disappointing employment data. Low wage growth in particular was picked up on as adding weight to the chances of an interest rate cut from the RBNZ this year. This immediately saw increased pressure on the NZD and to be fair, the currency has been on the back foot ever since. There is a good support zone just below 89.00 and so far that has contained the downside. Any break below there would likely lead to further losses targeting levels below 88.00. Next week from NZ we have the RBNZ financial stability report, a speech from Governor Wheeler, the Business NZ manufacturing index and retails sales data. While from Japan we have leading indicators, current account and consumer confidence data to draw focus.
The current interbank midrate is:    NZDJPY 89.10

The interbank range this week has been:    NZDJPY 88.80 - 91.08
Tuesday 5th May 2:00pm(NZT)
There has been little overall direction for this pairing over the past six weeks. Prices swung, sometimes sharply, between the parameters of 89.00 and 92.00. We saw one of those sharp swings in the wake of last week’s RBNZ rates statement as the New Zealand dollar came under pressure. This caused prices to trade toward 90.00 which has contained the weakness for now. Those looking to purchase Yen should continue to take advantage of any periods of strength seen toward the 92.00 level. Tonight from NZ we have the latest Fonterra dairy auction to digest and then tomorrow we get employment data. The economic calendar is looking pretty light from Japan this week with just the Bank of Japan minutes of any note.
  Current Level Support Resistance Last week's range
NZD/YEN 90.55 90.00 92.00 90.04 - 92.04

Friday 1st May 2:45pm(NZT)
In terms of data this week from Japan we have seen disappointing retails sales numbers and better than forecast industrial production figures. The main focus was however on the Bank of Japan (BOJ) and their monetary policy statement released yesterday. The bank made no change to policy settings with and 8 - 1 vote. One board member has voted to taper government bond purchases, but he was turned down by the majority. The bank says considerable uncertainty exists on the outlook for prices, but they expect inflation to hit their 2% target in the first half of 2016. The believe prices are steadily improving although they won’t hesitate to adjust policy if needed. Later today from Japan we have household spending, inflation and employment data to digest. Next week is looking very light with on the BOJ minutes of any note.
Impact on this currency pair:
The current interbank midrate is:    NZDJPY 90.65

The interbank range this week has been:    NZDJPY 90.04 - 92.04
Tuesday 28th Apr 3:30pm(NZT)
Broad based weakness in the New Zealand dollar last week saw this pair correct lower after a brief test over 92.00. The local currency came under pressure thanks to softer than forecast inflation and a dovish speech by the RBNZ deputy Governor. There is now the expectation that the RBNZ will soften its stance slightly when it delivers its interest rate statement on Thursday morning and this should limit any potential NZD strength ahead of that release. We also have the Bank of Japan monetary policy statement out on Thursday along with a rash of other data on Friday. Selling into strength ahead of 92.00 is recommended as this pair looks likely to remain within the increasingly familiar 88.00 to 92.00 range over the coming weeks.
  Current Level Support Resistance Last week's range
NZD/YEN 90.82 88.00 92.00 90.24 - 92.39

Friday 24th Apr 2:00pm(NZT)
This pair made good gains in the early stages of the week briefly trading above 92.00. Since then however, we have seen a sharp pullback driven by soft NZ inflation data, an improvement in the Japanese trade balance, and a speech by the RBNZ deputy Governor. Not only did Dr John McDermott say the bank was not considering any interest rate increases, but he spent a fair amount of time talking about the potential for a rate cut. The NZD reacted very negatively to his comments and this helped to dive the NZDJPY cross down to its 90.51 low. I would not be surprised to see further weakness potentially as far as 89.00. Next week we have rate meetings from both the RBNZ and the BOJ to digest. Also from Japan we get retail sales, industrial production, household spending, inflation and employment data.
The current interbank midrate is:    NZDJPY 90.39

The interbank range this week has been:    NZDJPY 90.32 - 92.39
Tuesday 21st Apr 3:30pm(NZT)
This pair remains contained within the now well established range of 88.00 to 92.00. New Zealand dollar outperformance last week saw the pair toward the top of that range, but as has been that case since mid-February the 92.00 level was never seriously challenged and the pair has since started to pull back. I would expect to see the cross drift back toward 90.00 over the coming week. There is little to get excited about in terms of data from either country this week with the highlight being Japanese trade balance.
  Current Level Support Resistance Last week's range
NZD/YEN 91.30 88.00 92.00 89.05 - 91.80

Friday 17th Apr 1:00pm(NZT)
There has been little overall direction in this pair since mid-February. Since then we have seen choppy trading between the broad parameters of 88.00 and 92.00. This week provided much of the same. A period of New Zealand dollar weakness on the back of poor Chinese trade data saw the pair dip toward 89.00, but a strong recovery since then has the cross back up over 91.00. Japanese data has had little impact although the recent announcement of significant wage hikes for 62 large companies should help to improve the longer term outlook for the Yen. In the meantime expect the range of the past two months to persist. Next week from NZ we have inflation data to digest, while from Japan we get trade balance figures.
The current interbank midrate is:     NZDJPY 91.10

The interbank range this week has been:     NZDJPY 89.04 - 91.52
Tuesday 14th Apr 2:30pm(NZT)
For much of last week the New Zealand dollar saw grinding appreciation over the Japanese Yen. The cross traded up to 91.52 before pulling back slightly heading into the weekend. That pullback has extended significantly in the past 24 hours thanks to weakness in the NZD and comments from a Japanese official. The NZD saw pressure yesterday in the wake of very poor Chinese trade balance data. Then last night the Yen saw increased demand after an advisor to MP Abe suggested the appropriate rate to the USD would be around 105, not above 120 where it was. Taking a look at the longer term picture we see that the pair has been ranging sideways between the broad parameters of 88.00 and 92.00 for much of the past two months. Nothing this week has suggested we will see a break out of that range.
  Current Level Support Resistance Last week's range
NZD/YEN 89.51 88.00 92.00 89.14 - 91.52

Friday 10th Apr 1:45pm(NZT)
New Zealand dollar outperformance of the Japanese Yen this week has caused a gradual appreciation of the cross, with the pair breaking above 91.00 in the past 24 hours. The target from here will be a test of resistance around 91.80. There has been nothing from NZ this week to dive the cross, which much of the move coming on the back of relative Yen weakness. The Bank of Japan didn’t deliver any surprises in its regular policy meeting or with the release of its monthly report. Next week from Japan we have core machinery orders, the BOJ minutes, revised industrial production and consumer confidence data. While from NZ we have business confidence, another Fonterra dairy auction and the Business NZ manufacturing index.
The current interbank midrate is:    NZDJPY 91.47

The interbank range this week has been:    NZDJPY 89.73 - 91.27
Tuesday 31st Mar 2:30pm(NZT)
Throughout the last week the NZD has struggled against the Japanese YEN, even in the face of some weak Japanese data. After failing to break the resistance at 92.00, a test lower was always expected. The lower trade balance numbers and general market risk aversion have enabled the move and the support at the 89.80/90.00 level seems to have contained the move so far. However, we remain right on that level and the focus remains on whether or not that level holds in the wake of the NZ business confidence numbers today and the Fonterra auction results later in the week. From Japan there are the usual number of releases this week, but the Tankan report will provide the primary focus. Consolidation through the 90.00 level would open the way for another leg lower for this pair.
  Current Level Support Resistance Last week's range
NZD/YEN 90.12 90.00 92.00 89.72 - 91.89

Friday 27th Mar 1:30pm(NZT)
Gains for this pair ran into resistance just ahead of 92.00 in the early stages of this week and with momentum indicators fading, the pair eventually saw a pullback trading to just under  90.00 last night. We have a raft of Japanese data out in the coming hours and these could set the tone for price action over the coming days. From NZ next week we have business confidence data and another Fonterra dairy auction to digest. While from Japan next week we have industrial production, average cash earnings, and the quarterly Tankan report.
The current interbank midrate is:    NZDJPY 90.46

The interbank range this week has been:    NZDJPY 89.47 - 91.89
Tuesday 24th Mar 12:30pm(NZT)
It has been a week of relentless gains for the New Zealand dollar over the Japanese Yen. The NZD has been a standout performer during a period of heightened market volatility in the wake of last Thursday’s FOMC statement. This has seen the pair break above 90.00 and continue all the way to a high of 91.90 so far. There are tentative signs that momentum is starting to fade and this would suggest gains up through 92.00 will be much harder fought. Those looking to purchase Japanese Yen should take advantage of this period of strength as we could easily see a corrective pullback toward 90.00 over the coming week(s).
  Current Level Support Resistance Last week's range
NZD/YEN 91.78 90.00 92.00 88.23 - 91.90

Thursday 19th Mar 2:45pm(NZT)
It has been an interesting week for this pair, with increased levels of volatility contained by the expected range - for the most part. Unsurprisingly the BOJ monetary policy statement was of limited impact to the price action. The weaker Fonterra GDT auction results saw the NZD slide from the resistance at 90.00 back down to the initial support at 88.50 before consolidation took place. This morning’s wild reaction to the Federal Reserve’s policy statement has reversed this move as the NZ dollar benefits from the more “dovish” outlook from the Fed. With current pricing in the wholesale market right on resistance at 90.00, direction in the near term is a tough call. The relative performances against the besieged US dollar will provide the lead for the next week for the most part, in the absence of economic data of impact in either economy. Consolidation through the resistance at 90.00 will open the way for another leg higher from the NZ dollar in the near term.
The current interbank midrate is:    NZDJPY 90.01

The interbank range this week has been:    NZDJPY 88.23 - 90.45
Tuesday 17th Mar 3:00pm(NZT)
The New Zealand dollar bounced from 87.33 Yen in the wake of the last Thursday’s RBNZ monetary policy statement. Since then the pair has traded sideways below resistance around 90.00. We are likely to see more of the same price action over the coming days, with the risks slightly skewed toward a potential break back above 90.00. The Bank of Japan monetary policy statement is set to hit the wires later this afternoon and this provides the immediate focus for the  market. From NZ this week we have another dairy auction from Fonterra along with GDP data.
  Current Level Support Resistance Last week's range
NZD/YEN 89.60 88.00 90.00 87.33 - 89.88

Friday 13th Mar 12:30pm(NZT)
Volatility in this pair over the past week has certainly picked up. The New Zealand dollar saw pressure from the Yen in the lead up to the RBNZ monetary policy statement yesterday morning. The cross traded down well below 88.00 ahead of that release, but in the wake of that very neutral statement a sharp turnaround developed. This saw the pair trade back up close to 90.00 last night. Gains have paused for the time being, but the strength of the bounce suggests we could see further appreciation. Next week from Japan we have the BOJ monetary policy statement and press conference, trade balance data, and the BOJ’s monthly report.
The current interbank midrate is:    NZDJPY 89.72

The interbank range this week has been:    NZDJPY 87.33 - 90.58
Tuesday 10th Mar 2:30pm(NZT)
The Reserve Bank of New Zealand’s announcement last week that they are looking at creating a new asset class for property investing caused a sharp turnaround for this pair. Until then the NZD was gaining ground against the Japanese Yen having just traded up over 91.00. But that announcement undermined support for the NZD and a sharp correction lower has ensued. The pair has traded to a low of 88.64 so far and the risks remain skewed to the downside. The key event this week will be the RBNZ monetary policy statement on Thursday morning. The central bank could well heap further pressure on the currency by trying to talk it down, or by releasing further details of potential macro-prudential tools to be used on property investors. This could easily see the pair trade back toward 88.00. From Japan this week we have core machinery orders, tertiary industry activity, and consumer confidence data to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 89.10 88.00 90.00 88.64 - 91.09

Friday 6th Mar 2:00pm(NZT)
For much of this week the New Zealand dollar maintained its firm footing against the Japanese Yen. The pair even spiked to its highest level since late January at 91.09, but these gains were very short lived. Momentum indicators had been showing signs of waning lately and this had indicated the risk of a sharp pullback. That is exactly what happened yesterday with the pair collapsing from the high of 91.09 all the way to the week’s low at 89.63. The trigger for the move was the announcement from the RBNZ that they are looking to create a new asset class for property investment. This could then see macro prudential policies implemented to cool investment lending. Support for the NZD evaporated and a sharp downside move unfolded. The risks are now skewed to further downside in the near term. A move toward 88.00 could easily develop over the coming weeks. Next week from New Zealand we have the RBNZ rate meeting on Thursday to draw focus. This will be followed by the Business NZ manufacturing index on Friday. While from Japan we get current account and GDP data, along with core machinery orders and consumer confidence.
The current interbank midrate is:    NZDJPY 89.95

The interbank range this week has been:    NZDJPY 89.63 - 91.09
Tuesday 3rd Mar 2:30pm(NZT)
The New Zealand dollar has maintained a firm footing against the Japanese Yen this week. Prices have ground their way above resistance around 90.00 trading to a high of 90.60 so far. It has however, been slow going even in the face of supportive economic data from New Zealand and largely disappointing releases from Japan. While this keeps the focus on the topside, caution is warranted as momentum indicators are waning and we could easily see a corrective pullback toward 89.00, or potentially even 88.00. Later this afternoon from Japan we get average cash earnings data, then tonight from NZ we have another Fonterra dairy auction to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 90.20 89.00 91.00 88.69 - 90.60

Friday 27th Feb 1:00pm(NZT)
The New Zealand dollar has remained well support against the Japanese Yen this week. We did see a pull back from just below 90.00 to a low of 88.69 in the wake of declining NZ inflation expectations, but the pair has since recovered. Yesterday’s positive NZ trade balance and migration data certainly played a part in that recovery. In the past 12 hours the cross has managed to move up through resistance around 90.00. Although it move hasn’t been sustained, the risks remain skewed to further gains in the near term. We have a slew of Japanese data out this afternoon and this could well drive price action heading into early next week. The focus will then turn to average cash earnings from Japan on Tuesday and another dairy auction from Fonterra on Wednesday.
The current interbank midrate is:    NZDJPY 90.00

The interbank range this week has been:    NZDJPY 88.69 - 90.41
Tuesday 24th Feb 2:30pm(NZT)
It has been a very quiet week for this pair with listless trading within a tight range. Key resistance around 90.00 has capped the topside and while that remains the case there is potential for a pullback toward 88.00 to develop. Be wary of a sustained break above 90.00 however, as this would open the way for a move back to 92.00 or even 94.00. From New Zealand this week we get a speech from Governor Wheeler along with the trade balance, building consents, and business confidence data. While from Japan we have household spending, inflation, industrial production, and retail sales data to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 89.50 88.00 90.00 88.62 - 90.08

Thursday 19th Feb 2:30pm(NZT)
The New Zealand dollar made consistent gains against the Yen this week trading up to the medium term target of 90.00 in the past 36 hours. The 90.00 level should provide significant resistance however, and it’s not clear whether the pair has the momentum to overcome it, at least in the near term. A period of consolidation between 88.00 and 90.00 is likely before the cross eyes another crack at the topside. Gains in the NZD have come on the back of strong retail sales data and a further improvement in dairy prices. The focus now shifts to NZ data next week in the form of inflation expectations, the trade balance, building consents, and business confidence. From Japan next week we get the BOJ minutes, household spending data, inflation, industrial production, and retails sales figures.
The current interbank midrate is:    NZDJPY 89.67

The interbank range this week has been:    NZDJPY 87.44 - 90.08
Tuesday 17th Feb 3:30pm(NZT)
The New Zealand dollar has made further gains against the Japanese Yen this week, being helped by strong NZ retail sales data. The pair has traded to a high of 89.27 so far and the risks remain to the topside with a test of the 90.00 level expected over the coming week. Recent soft Japanese data hasn’t done much for the economic outlook, although there is a growing feeling that the Bank of Japan (BOJ) is very reluctant to ease further as the negative impact of a extremely weak Yen could outweigh any potential benefits. Tomorrow from Japan we have the BOJ monetary policy statement to digest, then on Thursday we get trade balance data. While from NZ this week we have the latest dairy auction from Fonterra to draw focus.
  Current Level Support Resistance Last week's range
NZD/YEN 89.00 88.00 90.00 87.44 - 89.27

Friday 13th Feb 2:30pm(NZT)
The New Zealand dollar continued its recovery against the Yen this week, managing a break above 88.00. This opens the way for gain toward 90.00, with the pair so far having traded just shy of 89.00. Buying dips remains the favoured strategy for an eventual test of the 90.00 level. From New Zealand next week we have another dairy auction from Fonterra to digest along with the latest NZ retail sales data. While from Japan we have GDP data, the Bank of Japan Monetary Policy Statement, and the trade balance to draw focus.
The current interbank midrate is:    NZDJPY 88.35

The interbank range this week has been:    NZDJPY 86.63 - 88.96
Monday 9th Feb 4:00pm(NZT)
This pair recovered sharply from recent lows around 84.00 last week and tested resistance around 88.00 in the wake of Friday’s US employment data. That level has so far contained the topside but I wouldn’t be surprised to see further attempts to break higher. Any move up through 88.00 will target the 90.00 level. Today from Japan we have current account and consumer confidence data, then later in the week we get tertiary industry activity and core machinery orders. From NZ this week we only have the Business NZ Manufacturing Index set for release on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 87.50 86.00 88.00 84.10 - 87.98

Thursday 5th Feb 2:30pm(NZT)
A couple of positive economic releases from New Zealand, combined with some broad market volatility, have helped the NZD recover off lows to the JPY around the 84.00 level. Those lows traded in the aftermath of the Reserve Bank of Australia’s decision to cut interest rates, which saw a very heavy AUD weigh on the NZD. Since then we have seen a good improvement in dairy prices at Fonterra’s latest auction along with some supportive NZ employment data. A bounce in commodities on Tuesday evening also helped support the NZD and the cross to the Yen is now trading comfortably above 86.00. Direction from here is a tough call, but while the pair holds above 86.00 we could easily see an extension toward 88.00. The only data of note from New Zealand next week is the Business NZ Manufacturing Index out on Thursday. While from Japan we get data on consumer confidence, tertiary industry activity and core machinery orders.
The current interbank midrate is:    NZDJPY 86.20

The interbank range this week has been:    NZDJPY 84.10 - 87.65
Tuesday 3rd Feb 4:00pm(NZT)
After snapping below 86.00 in the wake of last Thursday’s RBNZ rate statement this pair has maintained its soft footing with a couple of brief investigations below 85.00. A small bounce in the past 24 hours is nothing to get excited about with 86.00 capping the topside for the pair so far. This keeps the focus on the downside with the target a test of support around 83.50. The highlight of the Japanese economic calendar this week will be average cash earnings data on Wednesday. While from NZ we have Fonterra’s latest dairy auction, employment data and a speech from Governor Wheeler to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 85.65 83.50 86.00 84.62 - 88.33

Friday 30th Jan 2:00pm(NZT)
After trading in a tight range around 88.00 in the first half of the week, the New Zealand dollar broke lower against the Yen yesterday. The trigger was the RBNZ rate statement which seemed to give the green light to sellers of the local currency. With the pressure maintained overnight the cross traded to a key support area around 85.70. This pair has been in a significant downtrend since the beginning of this year and we have yet to see any signs that it has ended. That being said, if the cross was to bounce it could easily be from this 85.70 area. If on the other hand a solid break below 85.70 is seen then the pair could target 83.50. Personally, I favour support around 85.70 holding and a recovery developing, but we are in a period of heightened volatility and caution is definitely advised. We have a raft of Japanese data releases this afternoon, then next week from NZ we have employment figures and the latest dairy auction to digest.
The current interbank midrate is:    NZDJPY 86.08

The interbank range this week has been:    NZDJPY 85.63 - 89.20
Tuesday 27th Jan 4:30pm(NZT)
Weakness in the New Zealand dollar has been the key driver of this pair over the past two and a half weeks. We have seen sharp losses since last Wednesday’s softer than expected NZ inflation data and the focus now turns to how the RBNZ will deal with this. A move to a more neutral policy setting seems appropriate with most forecasts expecting the central bank to remain on hold until mid-2016. The RBNZ official cash rate review is out on Thursday morning and this is the main risk event on the week. Japanese retail sales and inflation data will also draw attention, but the impact from Japanese data can often be very muted. If we see further weakness in the pair there is decent support around 86.00, while on the topside key resistance comes in around 90.00
  Current Level Support Resistance Last week's range
NZD/YEN 87.90 86.00 90.00 86.89 - 91.89

Friday 23th Jan 2:00pm(NZT)
The New Zealand dollar has dramatically underperformed the Yen this week. The New Zealand dollar has been weighed on by softer than forecast NZ inflation data and a growing realization that the RBNZ are likely to be on hold well into next year. A surprise rate cut by the Bank of Canada also weighed on the NZD as it was dragged down in sympathy with the other commodity bloc currencies. The pair has fallen from around 91.50 to just under 89.50 and it’s certainly not out of the woods just yet. There is however, potential for a corrective bounce from current level toward the initial resistance level of 90.00. With volatility in the wider market having picked up noticeably in recent weeks we can expect further sharp and unpredictable moves in this pair. Next week from Japan we have inflation and retail sales data to draw focus. On the domestic front attention will be firmly on the RBNZ official cash rate review on Thursday.
The current interbank midrate is:    NZDJPY 89.18

The interbank range this week has been:    NZDJPY 88.48 - 91.89
Tuesday 20th Jan 3:30pm(NZT)
Volatility in the wider financial markets has been the main driver of this pair over the past few weeks. The Japanese Yen has benefited from safe haven flows during these periods of heightened volatility and this has driven the NZDJPY cross into the lower part of the 90.00 to 94.00 range that has dominated trading since mid-November. That range looks set to remain firmly in play for the time being. Tonight we have the latest dairy auction from Fonterra and tomorrow we get NZ inflation data while from Japan this week we have the BOJ meeting and then monthly report to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 91.77 90.00 94.00 89.82 - 92.33

Friday 19th Dec 1:00pm(NZT)
It has been a week of two halves for this pair, with the New Zealand dollar initially under pressure from the Yen. This pair traded down toward 90.00 before staging a strong recovery in the later part of the week. Supportive data from NZ in the form of increasing dairy prices and much stronger than expected GDP data were the key determinants driving the turnaround and the cross now trades back up over 92.00. The thin market conditions of the holiday period could easily see some wild swings in the cross over the coming weeks, but buying dips toward 90.00 remains the favoured play. We have the Bank of Japan monetary policy statement out later this afternoon, although no change in policy stance is expected. There is also plenty out next week with the BOJ minutes, household spending, inflation, industrial production, retail sales and average cash earnings all set for release.
The current interbank midrate is:    NZDJPY 92.25

The interbank range this week has been:    NZDJPY 90.03 - 93.15
Tuesday 16th Dec 4:00pm(NZT)
Although this pair spiked higher after last Thursday’s hawkish RBNZ monetary policy statement, we have since seen a sharp turnaround with all those gains undone. Weakness in global stock markets has caused some risk aversion and this has helped the Yen appreciation against the NZD. Year-end position squaring could also have played a part and we are also now entering the holiday period which is marked by thin market liquidity. This can mean market moves are exaggerated and with plenty going on in world economies at the moment a volatile Christmas period can’t be ruled out. We could easily see further declines in the near term in this pair with support not coming in until just below 90.00. Over the coming days from NZ we have another dairy auction to digest along with GDP data. While from Japan the focus now turns to Friday’s BOJ monetary policy statement.
  Current Level Support Resistance Last week's range
NZD/YEN 91.15 90.00 93.00 90.76 - 93.31

Thursday 11th Dec 4:00pm(NZT)
It has been interesting over the week for this pair. The pressure has been all on the NZD from the YEN. It was a nice grinding outperformance to the tune of around a 3% correction in the YEN’s favour. However, todays surprisingly “hawkish” monetary policy statement from the RBNZ has quickly halted the corrective move for this pair. Interestingly the pair currently sits around that 92.00 level and this has offered good support for this pair over the last six weeks that the pair traded the 92.00 - 94.00 range. Direction from here is far from certain with both currencies likely to see periods of increased demand in the current environment. Obviously there are some significant pieces of data that will help drive the price action next week. In NZ the latest Fonterra GDT Auction on Wednesday comes ahead of the 3rd quarter GDP on Thursday. In Japan the Tankan survey results will be of passing interest ahead of the important BOJ monetary policy meeting on Thursday.
The current interbank midrate is:    NZDJPY 92.41

The interbank range this week has been:    NZDJPY 90.76 - 93.98
Tuesday 9th Dec 3:30pm(NZT)
Throughout last week this pair saw a relatively contained trading range. However, this changed to start this week as the JPY has seen a dramatic increase in demand. This comes in the face of materially lower than expected final GDP result. The driver seems to be profit taking on USDJPY pair that has spread through to others. Triggers for this profit taking seem likely to be the Japanese snap election due for Sunday. In New Zealand we get the years final RBNZ Monetary Policy Statement coming on Thursday. The inability of the pair to hold gains above 93.50 points towards further downward pressure. Consolidation down through 92.00 is key if the further support at 91.50 is to be tested.
  Current Level Support Resistance Last week's range
NZD/YEN 92.20 91.50 93.50 92.32 - 93.98

Thursday 4th Dec 3:30pm(NZT)
It has been a relatively uneventful week so far for this pair. With both currencies seeing periods of vulnerability the price action has been choppy, but within a contained trading range. Certainly the upside moment for the pair has well and truly waned, and near term direction is far from certain. The lowering expectations for Fonterra’s 2014/15 pay-out should temper any NZD gains in the short term at least. From the JPY perspective, there seems little chance of any meaningful recovery in the coming quarters. Next week the focus moves to the latest Japanese growth numbers and the RBNZ’s final monetary policy meeting for 2014. Further range trading seems likely in the short term. A consolidated break of the 92.00 support level would be needed before a move back towards more historically average levels could be heralded.
The current interbank midrate is:    NZDJPY 92.82

The interbank range this week has been:    NZDJPY 91.41 - 93.46
Tuesday 2nd Dec 1:30pm(NZT)
After trading down to 91.85 around this time last Tuesday, the NZDJPY cross has gradually recovered back toward recent highs. Whether the pair can push on through the cycle highs of 93.68 remains to be seen however, as momentum has waned significantly from the gains seen in the first half of November. Last night’s downgrade of Japan’s sovereign rating from Moody’s created some volatility, but had little impact overall on the pair. Tonight dairy auction from Fonterra will draw attention and further declines will pressure the New Zealand dollar. From Japan we have average cash earnings data this afternoon to digest and then leading indicators on Friday. The key level on the downside to watch is now 92.60 with a break below there suggesting near term risks for the pair have swung back to the downside.
  Current Level Support Resistance Last week's range
NZD/YEN 93.10 92.00 94.00 91.85 - 93.45

Friday 28th Nov 1:00pm(NZT)
The strong rally seen in the pair over the course of November seems to have stalled recently, with largely sideways price actions seen over the past 10 days. The downside has been limited so far to just under the 92.00 level, but there is certainly potential for a bigger corrective pullback after 10% gains seen earlier in the month. A healthy corrective target would be a move toward 90.00 or possibly even 89.00. Buying into such a pullback is recommended however, with the Yen likely to remain under pressure over the coming months. Next week sees a relatively quiet economic calendar from both countries with the focus in Japan on average cash earnings data, while from NZ we get the overseas trade index and Fonterra’s latest dairy auction.
The current interbank midrate is:    NZDJPY 92.60

The interbank range this week has been:    NZDJPY 91.85 - 93.65
Tuesday 25th Nov 3:30pm(NZT)
This pair remains elevated in line with the recent strong uptrend, but somewhat tellingly the cross has failed to kick on with further gains this week. We did see a sharp spike higher on Friday night in the wake of the surprise Chinese rate announcement, but it was quickly reversed. Although the broader trend is firmly to the topside, we are seeing some indicators that suggest momentum is waning and this raises the prospect of a corrective pullback. There has been no significant pull back since the pair started rallying from around 85.00 at the end of October and the market looks overdue just such a move. A good shake out of weak long (brought) positions could easily see the pair trade down toward 89.80 and this would provide a good NZD buying opportunity. Those looking to purchase Yen in the next couple of weeks should think about using the current strength to lock a rate in before such a correction develops.
  Current Level Support Resistance Last week's range
NZD/YEN 92.62 91.50 93.50 92.12 - 93.65

Friday 21st Nov 1:30pm(NZT)
The strong uptrend of the New Zealand dollar against the Japanese Yen has continued this week, although there are signs momentum is waning. The Yen has remained under pressure in the wake of PM Abe’s announcement to delay the next sales tax hike and dissolve parliament and this combined with a strong result from NZ retails sales to see the pair trade up to 93.21. However, the cross has failed to kick on from there thanks in part to another decline in dairy prices at Fonterra’s regular auction. This pair has rallied from 84.00 to 93.00 in the space of a few weeks and calling a top to a move this strong has a low probability of being right. That been said, with some momentum indicators waning, further gains will be harder fought and there is now a much bigger chance of a significant corrective pullback. A break below 92.50 may well signal the start of just such a correction and the target would be a move back toward 90.00. Next week from NZ we have inflation expectations, the trade balance, building consents and business confidence data to digest. While from Japan we get the BOJ minutes, household spending, inflation, industrial production and retail sales data.
The current interbank midrate is:    NZDJPY 92.90

The interbank range this week has been:    NZDJPY 90.97 - 93.21
Tuesday 18th Nov 3:00pm(NZT)
The march higher in this pair has continued unabated over the past week. Further Yen weakness has combined with New Zealand dollar strength to see the pair trade up over 92.50. Just three weeks ago this cross was around 84.50. We can expect all sorts of further volatility from the Yen in the near term with reports of PM Abe about to call a snap election along with delaying the next planned sales tax increase. Although some momentum indicators suggest a waning of topside price pressure, it would be unwise to try and pick a top in this move. For that reason the focus remains on the topside and only a move below trend support at 91.50 will bring that into question. From New Zealand this week we have the Fonterra dairy auction and producer prices data to digest. While from Japan the focus will be on any announcements from PM Abe along with the BOJ rate meeting tomorrow.
  Current Level Support Resistance Last week's range
NZD/YEN 92.52 91.50 93.50 88.98 - 92.77

Friday 14th Nov 1:30pm(NZT)
The past week has seen further gains for this pair with the cross now trading above 91.00. The difference this week however, is that gains have largely come from strength in the New Zealand dollar. The Yen has lost further ground across the board, but not to the same extent as the previous week. There has been no fundamental data you could point at that has driven this period of NZD strength and it seems it is as much about short (sold) positions being squared up as anything else. The pair has now eclipsed the 2014 high around 89.90 and shows no signs of slowing down. After such a strong move a corrective pullback is likely at some stage, however that will likely just provide a good buying opportunity as the Yen is set to continue to struggle in the near term. Next week from NZ we have retail sales, producer prices, and the latest Fonterra dairy auction to digest. While from Japan we have GDP data and the Bank of Japan’s (BOJ) Monetary Policy Statement.
The current interbank midrate is:    NZDJPY 91.12

The interbank range this week has been:    NZDJPY 88.32 - 91.59
Tuesday 11th Nov 2:00pm(NZT)
The Japanese Yen has remained under pressure ever since the surprise easing by the Bank of Japan at the end of October. This has seen the cross to the New Zealand dollar climb to just over 89.00, although the pace of these gains has been more moderate in recent days. Any periods of weakness should find support around 88.00 with the target still firmly on a test of the 2014 high at 89.91. The RBNZ’s Financial Stability Report will draw focus tomorrow as will comments from Governor Wheeler when he testifies in front of a parliamentary committee. From Japan this week we have tertiary industry activity and core machinery orders data to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 89.08 88.00 90.00 87.75 - 89.26

Friday 7th Nov 1:30pm(NZT)
This pair saw a dramatic surge higher on Friday last week after the Bank of Japan surprised the market easing further. Since then the cross has seen further gains, largely on the back of Yen weakness, albeit at a much slower pace. Strong NZ employment data did help the pair trade up over 89.00 for a time, before a correction lower ensued. Further gains toward the 2014 high of 89.91 are certainly possible, although price action might be less one sided from here on. There is potential for plenty of volatility tonight with the release of key US employment data and next week from NZ we have the RBNZ’s financial stability report and the Business NZ manufacturing index to draw focus. While from Japan we get the current account, tertiary industry activity and core machinery orders data.
The current interbank midrate is:    NZDJPY 88.60

The interbank range this week has been:    NZDJPY 85.48 - 89.26
Tuesday 4th Nov 2:30pm(NZT)
The dominant factor for this pair over the past week has been Friday’s surprise BOJ announcement. No one was expecting further easing from the central bank, but that is exactly what they delivered. The market’s reaction was swift with the Yen coming under intense pressure. This has driven the cross to the New Zealand dollar up over 88.00, where it currently trades. The Yen is likely to remain on the back foot and further gains in the pair seem likely. The 89.91 high set back on the 1st April look like a very achievable target over the coming weeks. From New Zealand this week we have employment data and the latest dairy auction to digest. While from Japan the market will be keen to see the BOJ minutes set for release on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 87.90 87.00 89.90 84.65 - 88.22

Thursday 30th Oct 3:30PM (NZT)
This week saw mainly benign price action for this pair ahead of this morning’s duo of central bank monetary policy announcements. The NZD saw intense selling pressure following the US Federal Reserve’s statement, and was the most underperforming currency. Two hours later came the RBNZ’s turn. With their expected change in stance, the NZD saw further pressure, albeit it has recovered most of that lost ground. The pair remains within the weeks expected 84.50 - 86.50 band as the focus turns to the BOJ’s monetary policy announcement out tomorrow. Next week expect the NZ news to dominate with the latest GDT result on Wednesday coming ahead of the quarterly employment number on Thursday. With both currencies vulnerable to periods of pressure, further sideways range trading would not surprise.
The current interbank midrate is:    NZDJPY 84.98

The interbank range this week has been:    NZDJPY 83.99 - 86.17
Tuesday 28th Oct 2:30pm(NZT)
This pairing has seen relatively low volatility over the last week. The NZ dollar did see pressure following the low NZ inflation number. The support at 84.00 contained the pressure and the subsequent bounce from that level has been quite orderly. Both central banks expected to announce unchanged monetary policy setting this week. The accompanying statements will offer fresh perspective and will be closely watched. Expect the wider trading band of 84.50 - 86.50 to contain the price action this week. The current levels look to be offering pretty fair value in the current environment.
  Current Level Support Resistance Last week's range
NZD/YEN 85.12 84.50 86.50 83.98 - 85.44

Thursday 23th Oct 3:30PM (NZT)
The New Zealand dollar saw grinding appreciation over the Japanese Yen for much of the past week, taking the cross up toward 85.40. This gains have however, been completely undone by weaker than forecast inflation data out of New Zealand earlier this morning. With NZ inflation running at only 1.0% year on year, there is little hurry for the RBNZ to raise rates again. The market consensus is now that the central bank could well be on hold until late 2015. As a result the NZD has seen renewed selling pressure and this has driven the pair back toward 84.00, almost exactly where it was trading this time last week. I expect the NZD to remain subdued over the coming days and should keep the focus on the downside for now. At test toward 83.50 could well eventuate. Next week from NZ we have business confidence, building permits and the RBNZ rate statement to digest. While from Japan we get retail sales, industrial production, household spending and inflation, along with the Bank of Japan monetary policy statement.
The current interbank midrate is:    NZDJPY 84.12

The interbank range this week has been:    NZDJPY 83.39 - 85.44
Monday 20th Oct 3:30PM (NZT)
This pair has seen some wild price action within its relatively contained trading range over the last week. Given the recent pressure on the NZ dollar from the Japanese YEN, support was always likely to come at some level. Support around 83.50 held on a couple of occasions and a nice corrective bounce has ensued. Look for initial resistance at 85.75, ahead of 86.50 above. The initial support comes in at 84.50, ahead of 83.00 below. The main focus of the week will be the quarterly NZ inflation numbers on Thursday. Aside from that expect the lead to come from the dynamics in the wider market.
  Current Level Support Resistance Last week's range
NZD/YEN 85.25 84.50 86.50 83.39 - 85.34

Friday 17th Oct 2:30PM (NZT)
Volatility in the wider financial markets has been the main driver of this pair over the course of the week. Broad declines in US stocks, long term interest rates and the USD on Wednesday night caused some sharp moves in the value of the Yen and New Zealand dollar. In the final wash up, the pair is currently trading close to where is started the week, but this notable pick up in volatility is unlikely to disappear soon. This does present opportunities for those who target levels and are prepared to pull the trigger when the market gets there. Leaving limit orders is a good way of taking advantage of the increased volatility we are currently seeing. Next week in New Zealand the focus turns to inflation data and the trade balance. While from Japan we have a very quiet week with only the trade balance of any note.
The current interbank midrate is:    NZDJPY 84.45

The interbank range this week has been:    NZDJPY 83.39 - 84.90
Tuesday 14th Oct 2:30PM (NZT)
The New Zealand dollar has seen pressure from a somewhat resurgent Yen the past week and this caused the pair to trade to a fresh cycle low of 83.65 yesterday. Japanese data has been something of a mixed bag recently with the most encouraging result coming from core machinery orders that beat expectation by a long shot last week. There is little out of Japan this week so attention will turn to NZ data in the form of Fonterra’s latest dairy auction tomorrow night. Downside momentum in the pair does appear to be waning and there is potential for a correction back up toward 86.00. A move down through 83.50 would negate that view and open the way for further losses toward 82.00. A move such as this would be driven by further increase in wider market volatility.
  Current Level Support Resistance Last week's range
NZD/YEN 84.20 83.50 85.50 83.65 - 85.81

Friday 10th Oct 2:30PM (NZT)
Like many New Zealand dollar crosses, the past two weeks have seen this pair trading sideways in a relatively tight range just above recent lows. Trading has been choppy with big swings in the value of the USD affecting all currencies. During one such period yesterday morning, in the wake of the Fed minutes release, the New Zealand dollar significantly outperformed the Japanese Yen, but the those gains quickly moderated and the pair is now back below 85.00. Support around 84.40 remains key and while the market holds above there a further period of ranging is likely. A sustained break below 84.40 however, would warn a fresh down leg is unfolding and that will target 82.00 initially. Next week is another quiet one for NZ data with just the business NZ manufacturing index and another Global Dairy Trade auction from Fonterra set for release. From Japan we have the BOJ minutes out this afternoon, but there is little else to get excited about on next week's calendar.
The current interbank midrate is:    NZDJPY 84.75

The interbank range this week has been:    NZDJPY 84.39 - 85.82
Tuesday 7th Oct 2:30PM (NZT)
The past week has seen choppy price action in this pair with no overall direction. After breaking down below 86.00 at the beginning of last week after the revelation of RBNZ intervention in August, trading has been confined to a range of 84.70 to 86.00. I expect 86.00 to continue to provide a tough barrier on the topside and selling into that level is recommended for those looking to purchase Yen with New Zealand dollars. There is little from NZ this week to drive prices, so attention will turn to Japan where we have the BOJ meeting today, followed by current account, core machinery orders and the BOJ monetary meeting minutes later in the week.
  Current Level Support Resistance Last week's range
NZD/YEN 85.13 84.00 86.00 84.71 - 86.02

Friday 3rd Oct 3:30PM (NZT)
It has been a week of choppy price action for this pair between the broad parameters of 84.50 and 86.00. Both currencies have seen periods of strength and weakness driven at times by economic fundamentals and at other times by market positioning. Japanese officials are starting to pay a lot of attention to Yen weakness and there was even talk of intervention this week should the Yen depreciate further. We now know for sure the RBNZ did intervene in the local currency in August and this spooked the market in the early stages of the week. Since then however the New Zealand dollar has recovered significant ground thanks in large part to short (sold) positions getting squeezed out in the past 24 hours. We can expect further volatile trade in the coming weeks and months. For now resistance around 86.00 is capping the pair and we may well see another week of ranging between that level and 84.50 before the pair looks to break out. Next week we have the Bank of Japan Monetary Policy Statement and press conference to digest along with the current account, core machinery orders and tertiary industry activity data. From NZ we just have the quarterly NZIER business confidence reading on Tuesday to digest.
The current interbank midrate is:    NZDJPY 85.60

The interbank range this week has been:    NZDJPY 84.39 - 86.52
Tuesday 30th Sept 12:00PM (NZT)
Dramatic falls in this pair over the past week have been driven almost exclusively by weakness in the New Zealand dollar. Two key releases from the Reserve Bank of New Zealand have done the damage. Firstly we had last week’s press release stating how the level of the NZD was ‘unjustified’ and ‘unsustainable’ and that these were key considerations when deciding to intervene. Then yesterday we find out that the RBNZ did just that in August when they sold NZ$ 521 million. This spooked the market and sent the NZD spiralling lower. Just over a week ago the NZD was trading at 89.00 to the yen and yesterday we touched 84.39. That is the third major rejection from 89.00 or above that the pair has seen in the past six months, and that could prove to be a game changer. Particularly considering this latest bout of weakness has smashed through support around 85.80. That level will now provide resistance on any bounce with all the risks still skewed to further weakness over the medium term. From NZ this week we have the latest Fonterra dairy auction to draw focus. While from Japan we have household spending, unemployment, retails sales, industrial production and the quarterly Tankan report to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 85.08 83.80 85.80 84.39 - 88.45

Friday 26th Sept 3:30PM (NZT)
Almost from the get go this week the Japanese Yen was putting pressure on the NZ dollar. Not even the landslide election result in New Zealand saw much upside for the NZD. Then came the downward revisions of the expected dairy pay-out from Fonterra. Obviously the most dramatic move came courtesy of the RBNZ in their unscheduled press release yesterday. The pair has finally found some support at 86.00 and a reasonable relief bounce has ensued. If equity markets continue to look vulnerable in the coming sessions, the pressure should return to the NZ dollar. NZ business confidence numbers come ahead of the latest Fonterra Global Dairy Trade (GDT) auction results next week in New Zealand. The Japanese industrial production, retail sales and manufacturing numbers will offer passing interest in Japan.
The current interbank midrate is:    NZDJPY 86.35

The interbank range this week has been:    NZDJPY 86.05 - 89.05
Tuesday 23rd Sept 4:00PM (NZT)
The Japanese Yen has been under pressure for much of the past five weeks and this has helped the cross to the New Zealand dollar make significant gains. The pair touched a recent high of 89.05 in early Monday morning trade as the NZD received a small boost from the market friendly general election result. We have seen a healthy pullback from those highs but as long as support around 88.00 isn’t compromised the risks remain skewed to further gains. There is little in the way of data from NZ this week with only the trade balance out tomorrow. While from Japan inflation data on Friday will draw focus.
  Current Level Support Resistance Last week's range
NZD/YEN 88.21 88.00 90.00 87.27 - 89.05

Friday 19th Sept 2:00PM (NZT)
For much of this week the NZDJPY cross traded sideways around the 87.60 level. That all changed yesterday in the wake of the FOMC statement as the Yen massively underperformed against the New Zealand dollar. Aiding the move higher in the pair was better than expected NZ GDP data and the pair looks set to test the 2014 highs around 89.70. That level should provide solid resistance and those looking to purchase Yen should place orders (at the wholesale level) just ahead of there. Next week is a quiet one data wise with only inflation numbers from Japan along with consumer sentiment and the trade balance from New Zealand.
The current interbank midrate is:    NZDJPY 88.65

The interbank range this week has been:    NZDJPY 87.17 - 88.69
Tuesday 16th Sept 3:00PM (NZT)
We have seen largely directionless trading for this pair over the past week. Periods of relative weakness in both the New Zealand dollar and Japanese Yen have seen the cross drift between 87.20 and 88.00 with it currently trading toward the centre of that range. The BOJ’s Kuroda is set to deliver a couple of speeches this week and if there is any indication of further easing measures in the pipeline the Yen will see pressure. The risk of further action from the BOJ is increasing as the economy fails to recover from April’s sales tax increase. Locally the immediate focus turns to tonight’s dairy auction, the result of which could easily drive near term price action in the NZD. Further ranging for the pair, with a very slight upside bias, looks likely over the coming week.
  Current Level Support Resistance Last week's range
NZD/YEN 87.62 86.50 88.50 87.17 - 88.03

Friday 12th Sept 2:00PM (NZT)
It has been a relatively uneventful last week for this pair, with the price action contained by the recent ranges. Both currencies have seen periods of increased supply, which has led to choppy sideways price action, Not even the RBNZ’s attempt to jaw bone the NZ dollar lower had a lasting impact. Looking forward to next week, in the absence of top tier economic news in Japan, the focus will be on the speeches by BOJ Governor Kuroda, and the important Q2 NZ GDP numbers due for release on Thursday. Current levels look to offer relatively fair value in the current environment, with patience required for those with the luxury of time and looking for better value in either direction.
The current interbank midrate is:    NZDJPY 87.54

The interbank range this week has been:    NZDJPY 87.17 - 88.03
Tuesday 9th Sept 2:00PM (NZT)
This pair has seen grinding appreciation over the last week, with higher highs and lower lows being produced by the NZ dollar as the YEN continues to see pressure. Of particular note in the last 24 hours has been the pressure on the YEN from the resurgent USD. This pressure has spilled over into the NZDJPY pairing and eased the way higher for the pairing through the initial resistance at 87.50. So the pair finds itself back at what can be considered as mid-ranges levels once again. The focus this week will come in the form of the RBNZ Monetary Policy Statement on Thursday. Any lowering of growth projects will lead to a lowering of cash rate hike expectations in the coming year, and undermine the NZD once again. Also of note this week is a speech from BOJ Governor Kuroda in Tokyo on Friday.
  Current Level Support Resistance Last week's range
NZD/YEN 87.74 86.50 88.60 87.17 - 87.79

Friday 5th Sept 2:30PM (NZT)
The New Zealand dollar has seen some minor appreciation against the Japanese Yen this week, although not because of any real strength in the local currency. The move has been driven by Yen underperformance as confidence in the Japanese economies ability to recovery from April’s sales tax increase declines. This has seen the Yen gradually weakening as a trend over the past month or so and what we have seen this week has largely been a continuation of that. The NZD itself has been under pressure thanks to another fall in dairy prices, and this has helped to cap the pair around 87.60. A move over 87.60 would certainly open the way for further NZD gains that would target 88.30 initially. Support on the downside comes in around 87.00 and while the market trade above that level the focus remains on the topside. We have the RBNZ rate meeting next week to draw focus. While from Japan we get the current account, GDP, the BOJ minutes, Tertiary industry activity and core machinery orders data.
The current interbank midrate is:    NZDJPY 87.27

The interbank range this week has been:    NZDJPY 86.69 - 87.62
Tuesday 2nd Sept 2:00PM (NZT)
The past week has seen significant gains for this pair, as the New Zealand dollar has outperformed the Japanese Yen. A raft of mostly disappointing data from Japan late last week hasn’t helped the economic outlook, or the Yen. The cross is currently trading just below minor resistance at 87.60 and any break above there will target 88.30 initially. Later this week we have the Bank of Japan’s monetary policy statement to draw attention, but the immediate focus will be on tonight’s Fonterra global dairy trade auction. This could easily influence the NZD with any further fall in prices likely to weigh on the local currency. Key support for the pair around 86.00 looks unlikely to be tested anytime soon.
  Current Level Support Resistance Last week's range
NZD/YEN 87.52 85.50 87.60 86.52 - 87.47

Friday 29th Aug 1:30PM (NZT)
The New Zealand dollar saw early pressure from the Yen this week which helped to drive the pair down toward 86.50. A small bounce from there has ensued, although to be fair there is little overall direction at the moment and there hasn’t been much in the way of data to drive prices for the majority of this week. In the last couple of hours Japan has released a raft of figures, but as is often the case, they have had only a marginal impact on the value of the Yen. Key support for the pair come in just below 86.00 and while the market holds above that level there is potential for a significant recovery back up over 88.00. This is the favoured scenario at the moment. Any sustained move below 86.00 however, would turn the outlook negative and open the way for a move toward 84.00. The focus now turns to next week’s Bank of Japan rate meeting, while from NZ we only have the overseas trade index to digest.
The current interbank midrate is:    NZDJPY 86.75

The interbank range this week has been:    NZDJPY 86.52 - 87.74
Tuesday 26th Aug 1:30PM (NZT)
The New Zealand dollar saw grinding appreciation against the Yen for much of the past week. That all changed yesterday however, when in early Monday morning trade as the local currency came under heavy selling pressure. A lack of liquidity was certainly a factor in the sharp drop for the NZD, but a telling signal was its failure to recover. This keeps all the focus on the downside for the pair with the NZD under pressure again as I write. We can expect further investigations toward 86.00 in the near term as the local currency should continue to underperform. The data focus for Japan this week is centred on Friday when we get have a raft of releases. These include household spending, inflation, industrial production and retail sales. While from NZ this week we just have building consents and business confidence data to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 86.55 85.50 87.50 86.37 - 87.74

Friday 22nd Aug 2:00PM (NZT)
The Japanese Yen is the only major currency that the New Zealand dollar has outperformed this week. We did see a period of weakness in the pair after NZ producer prices data came in much softer than expected on Tuesday, but since then the Yen itself has been under pressure. As such the cross has rallied up over 87.00. Resistance toward 87.50 should cap any strength in the near term and as such selling toward that level is recommended. We do have the central banks symposium at Jackson Hole in the US this weekend and it has the potential to add some real volatility to the market. Next week from New Zealand we have the trade balance, building consents, and business confidence data. While from Japan there is nothing until Friday when we receive a raft of data including household spending, inflation, industrial production and retail sales.
The current interbank midrate is:    NZDJPY 87.20

The interbank range this week has been:    NZDJPY 86.37 - 87.32
Tuesday 19th Aug 4:30PM (NZT)
The New Zealand dollar appreciated against the Japanese Yen mid last week, helped by better than forecast retail sales data. This appreciation was likely just a corrective bounce within the broader trend lower that has been in place since mid-July. Helping to confirm that view was this morning’s NZ producer prices data that was much weaker than forecast. This immediately saw the pair under renewed pressure and the downside looks to be the more vulnerable side, at least for now. Key to near term direction will be tonight’s dairy auction with any further fall in dairy prices weighing heavily on the local currency. The only data of note from Japan this week is the trade balance, although it is unlikely to influence the currency to any large degree. Important support comes in around 85.90 with any break below there targeting 84.00.
  Current Level Support Resistance Last week's range
NZD/YEN 86.60 85.50 87.50 86.01 - 87.26

Friday 15th Aug 3:55PM (NZT)
This pair finally appears to have established a base support around 86.00 after the recent NZ dollar weakness from the last few weeks. The ensuing bounce following the better than expected NZ retail sales numbers has been solid. With little in the way of material economic news in either economy next week, the lead will predominantly come from the wider market sentiment and risk appetite. One release that will offer focus will be the global dairy trade auction results late Tuesday, and a further plunge in prices would likely slow any potential NZD appreciation. Look for the wider 86.00 - 88.00 range to contain next weeks price action. Targeting the extremes of this wider inter bank trading range as suit,s offers some opportunity for those with time to execute their transfer.
The current interbank midrate is:    NZDJPY 86.97

The interbank range this week has been:    NZDJPY 85.76 - 87.12
Tuesday 12th Aug 2:00PM (NZT)
After falling dramatically in the early stages of last week, on the back of a declining NZD, this pair settled around the 86.50 level. Trading around that level was interrupted on Friday afternoon by the Bank of Japan (BOJ) monetary policy statement. The Yen saw a surge in demand after the central bank left their overall economic assessment unchanged, which disappointed some in the market who thought it might be downgraded due to recent poor data. The pair dipped down to 85.76 but managed to recover the majority of those losses over the next 12 hours and now trades back toward 86.50 where is seems comfortable. Key resistance come in around 86.80 and while below there the risks are skewed to further weakness. Any move above 86.80 however, would be the first sign that a broader correction higher is developing and the initial target would be 87.50. Data from NZ this week that could influence includes the Business NZ manufacturing index and retail sales. While from Japan we have GDP, the BOJ minutes and core machinery orders.
  Current Level Support Resistance Last week's range
NZD/YEN 86.40 85.50 87.50 85.76 - 87.50

Friday 8th Aug 2:30PM (NZT)
Price action this week has been dominated by the fall in value of the New Zealand dollar after Fonterra’s latest Global Dairy Trade auction. Dairy prices declined another 8.4% and this immediately saw the local currency marked lower. The downside pressure continued a few hours later after NZ employment change data also disappointed and the pair traded to a low of 86.30. A small recovery off that low ran into sellers around 86.70 and the pair has again turned back down. A test of support around 85.90 now looks likely, although we do have the BOJ rate meeting later this afternoon that could easily influence. There is growing expectation the bank could downgrade its economic assessment and this should pressure the Yen to a degree. Next week from NZ we have retail sales and the Business NZ manufacturing index. While from Japan we get the Tertiary Industry Activity index, BOJ minutes, GDP and core machinery orders.
The current interbank midrate is:    NZDJPY 86.22

The interbank range this week has been:    NZDJPY 86.30 - 87.55
Tuesday 5th Aug 1:30PM (NZT)
This pair recovered off recent lows at 86.70 early last week helped by a bounce in the New Zealand dollar that coupled with some poor economic data released from Japan that has put the Yen under pressure. So far the recovery has been capped by the 87.60 level, and while that remains the case there is potential for the pair to turn back down. A move above 87.60 however, would target the 88.30 area. Key to near term direction will be tomorrows NZ employment data and Friday’s Bank of Japan (BOJ) monetary policy statement. If the BOJ downgrade their current assessment of the economy the Yen will likely see further pressure.
  Current Level Support Resistance Last week's range
NZD/YEN 87.40 85.50 87.50 86.70 - 87.58

Friday 1st Aug 1:50PM (NZT)
The New Zealand dollar traded to recent lows against the Yen on Tuesday afternoon after Fonterra announced a NZ$6 forecast pay-out for the 2014/15 season. This was the low end of expectation a put the local currency under further pressure. We have however, seen a recovery off those lows largely lead by Yen weakness. Universally poor data from Japan has seen the Yen itself lose some ground this week and this has helped the pair recover back toward 87.50. If the pair can break back above 87.50 we could easily see gains to the next level of resistance at 88.20. The two key events next week are the BOJ rate meeting and NZ employment data.
The current interbank midrate is:    NZDJPY 87.48

The interbank range this week has been:    NZDJPY 86.70 - 87.58
Tuesday 29th July 1:30PM (NZT)
The New Zealand dollar moved sharply lower in the wake of last Wednesday’s RBNZ rate statement. Strong words from the central bank re the level of the currency and a pause in the tighten cycle where the driving forces which saw this pair trade down to a 86.39. We have yet to see any meaningful bounce and while resistance at 87.50 caps the topside the risk are still skewed to further losses. There is little data out of NZ this week that could materially alter current sentiment with only building consents set for release on Wednesday. From Japan however we have a raft of data including household spending, retail sales, industrial production and average cash earnings.
  Current Level Support Resistance Last week's range
NZD/YEN 87.12 85.50 87.50 86.89 - 88.36

Friday 25th July 4:0PM (NZT)
This pair had traded quietly around the 88.10 level for much of this week before heading into yesterday’s RBNZ rate statement. The sharp reaction of the NZD to that release saw the pair lose substantial ground eventually trading down to a 86.93 low. Although the RBNZ hiked rates by 0.25% they also signalled a pause in the tightening cycle and took the opportunity to ‘jawbone’ the currency lower. Their efforts paid dividends with the pair plunging through support at 87.50 and the local currency has remained under pressure since. The 87.50 level now provides resistance and has so far capped any corrective bounces. This keeps the focus on the downside for the time being and a move towards 86.00 can’t be ruled out over the coming week. With only building consents data out in NZ next week, the focus will turn to Japanese data in the form of household spending, retail sales, industrial production and average cash earnings.
The current interbank midrate is:    NZDJPY 87.31

The interbank range this week has been:    NZDJPY 86.93 - 88.36
Tuesday 22th July 2:30PM (NZT)
This pair suffered last week at the hands of a declining New Zealand dollar. The NZD was driven lower by weak dairy prices and softer than expected inflation. We also saw a bout of risk aversion as news of the Malaysian Airline crash hit the wires and this saw the pair trade to its 87.53 low. That low didn’t last long however and a recovery to the 88.00 level ensued which is where we are currently trading. The main focus for this week revolves around the RBNZ rate meeting on Thursday. The central bank is still likely to hike rates to 3.50%, although they may well signal a pause in the tightening cycle through the end of the year. For now the risks are still skewed to the downside with a move below 87.50 targeting support around 86.00.
  Current Level Support Resistance Last week's range
NZD/YEN 88.10 87.50 89.50 87.53 - 89.56

Friday 18th July 4:0PM (NZT)
We have seen a dramatic fall in this pair over the course of the week with collection of releases and events putting downward pressure on the cross. The initial sell off came as the New Zealand dollar fell in the wake of another decline in dairy prices. This was quickly followed by softer than forecast NZ inflation data which kept up the pressure on the local currency. The latest downleg has come on the back of risk aversion after news that a Malaysian Airliner was shot down over the Ukraine. This caused jitters in the markets with global stock also taking a hit. 87.30 provides the first level of support for the pair while any bounce in the pair is likely to run into resistance around 88.40. The key focus for next week is the RBNZ meeting on Wednesday and we could easily see some good volatility around that announcement. In the mean time the market will remain nervous with an eye on the developing situation in the Ukraine.
The current interbank midrate is:    NZDJPY 87.90

The interbank range this week has been:    NZDJPY 87.53 - .89.56
Tuesday 15th July 1:05PM (NZT)
Price action in this pair over the course of the week was dominated by a fall from the 89.70 high, to the 89.00 low with a few hours on Thursday evening. This move was driven by a wave of risk aversion after fears of a Portuguese bank default spread through the market. Things quickly calmed down however and the move slowly reversed. This goes to show how nervous the markets are, even in the current low volatility environment. Taking a look at the broader picture, this pair has been appreciating since late May on the back of New Zealand dollar strength. Whether that continues will likely come down to three key upcoming events. Firstly we have another Global Dairy Trade Auction tonight and with prices already down 30% this year, another fall would have to weigh on the NZD. This will be followed by NZ inflation tomorrow and then next week we have the RBNZ rate meeting. We also have the Bank of Japan monetary policy statement this afternoon, although that shouldn’t contain any real surprises.
  Current Level Support Resistance Last week's range
NZD/YEN 89.52 88.00 90.00 89.00 - 89.70

Friday 11th July 1:30PM (NZT)
The New Zealand dollar spent much of the week gaining ground against the Japanese Yen and traded to a high of 89.70 yesterday. But overnight we have seen a sharp reversal on the back of some market jitters. Talk of a Portuguese bank missing debt payments sparked a wave of risk aversion and as such the Yen quickly gained ground. Normally this would have combined with NZD weakness to see more dramatic losses, but in the current environment where the NZD can ‘do no wrong’ the impact was somewhat limited. Key support for the pair come in around 89.00 and while above there the outlook remains positive. A sustained break below 89.00 however would warn of potential for a much deeper correction.
The current interbank midrate is:    NZDJPY 89.30

The interbank range this week has been:    NZDJPY : 89.00 - 89.70
Tuesday 8th July 2:45PM (NZT)
The relatively strong New Zealand dollar over the past five weeks has translated to this pair rallying from just below 86.00 to 89.54 mid last week. There are signs however that momentum in this move is waning and we may well have seen a top put in place at 89.54 for now. A sustained move below minor support around 89.00 would be the first signal that a broader pullback could be developing. From NZ this week we have manufacturing data on Thursday, while from Japan the focus turns to core machinery orders and the tertiary industry activity index.
  Current Level Support Resistance Last week's range
NZD/YEN 89.20 87.50 89.50 88.74 - 89.54

Friday 4th July 12:30PM (NZT)
The New Zealand dollar has completely outperformed the Yen this week in a continuation of the move that started back in late May around the 86.00 level. Strength in the NZD since then has been the main driver of the move, although the Yen has also seen some pressure this week on the back of mixed data and this helped the pair trade to ot 89.54 high. In NZ we have seen further declines in business confidence and dairy prices, although both are yet to be fully reflected in the market. The relentless outperformance of the NZD could well see further gains yet, although I suspect we are a lot closer to a medium term top. The pair peaked at 89.90 back in April and that level could well contain the topside again. As such it is recommended to sell into any strength seen from here as these levels represent good value buying of Yen with NZD.
The current interbank midrate is:    NZDJPY 89.37

The interbank range this week has been:    NZDJPY 88.51 - 89.54
Tuesday 1st July 2:15PM (NZT)
This pair appears to have found a cap in its range at 89.50 for the time being. There have been a couple of attempts to break through, but none have been successful as yet. The NZD saw some pressure yesterday following the business confidence numbers, but this move has been reversed today after the BOJ’s Tankan report. Expect 87.50 - 89.50 to contain the range this week, barring a shock employment number from the United States, which could impact the wider markets.
  Current Level Support Resistance Last week's range
NZD/YEN 88.93 87.50 89.50 88.27 - 89.39

Friday 27th June 2:00PM (NZT) - Update
This pair has remained within the expected range this week, albeit towards the upper end. Yield chasing investors have boosted demand for NZ dollars as global rates moved lower following the weak US economic data. For the time being the resistance at 89.50 has contained the NZ dollar enthusiasm, albeit the risk is for further probing of this level in the short term. The Tankan survey results next week will have the lead bearing on the price action for this pair in the short term. Current levels should prove to have offered good value buying of YEN with NZD over time.
The current interbank midrate is:    NZDJPY 89.10

The interbank range this week has been:    NZDJPY 88.27 - 89.39
Tuesday 24th June 2:43PM (NZT)
This pair has traded within the expected range over the last week. Whilst the NZ dollar has seen periods of increased demand on the back of the Fed policy announcement, and yesterday’s Chinese manufacturing number, certainly the boosted demand seems short lived. Its seems unlikely the pair will forge on to establish a new higher range until such time as the BOJ are forced to initiate further monetary policy accommodation to stablise prices. In the meantime expect further periods of range trading around the current levels, especially in the absence of any market moving domestic data expected from either economy this week.
  Current Level Support Resistance Last week's range
NZD/YEN 88.72 87.50 89.50 88.23 - 89.19
Friday 20th June 2:00PM (NZT) - Update
This pair has traded a contained range this week, with the action coming as the  NZD saw a period of increased demand following the US Federal Reserve’s monetary policy announcement. The initial resistance around 89.00 has contained the NZD momentum for the time being, and it seems the wider 87.50 - 89.50 range will contain the price action in the coming week. Current levels offer great value buying of YEN with NZ dollars, albeit these levels may continue for sometime yet. From here the focus moves to the Japanese data next week, in the absence of top tier news due in NZ. Aside from a speech from BOJ Governor Juroda on Monday, household spending, Tokyo inflation and retail sales numbers on Friday will provide interest.
The current interbank midrate is:    NZDJPY 88.76

The interbank range this week has been:    NZDJPY 88.11 - 89.04
Tuesday 17th June 3:43PM (NZT)
Last week the NZD was in demand ahead of the RBNZ rate announcement, and was already testing the 87.50 resistance level. In the sessions following the announcement, the pair rallied over 1.5% and has consolidated for the time being at least, at these levels. The increased tensions in the Middle East (risk aversion) has not pressured the NZ dollar to much at this stage, but that remains an issue to keep an eye on. This week’s data is fairly light with the primary focus coming from Thursday Q1 NZD GDP number. It looks like the pair is likely to consolidate and establish a new range at the high NZ dollar levels, again offering an opportunity for great value buying of YEN with NZ dollars.
 
  Current Level Support Resistance Last week's range
NZD/YEN 88.40 87.50 89.50 86.94 - 88.67

Friday 13th June 2:00PM (NZT) - Update
The NZDJPY pairing spent the first half of the week trading a very contained 87.00- 87.50 range. This range was broken in the wake of yesterdays RBNZ monetary policy statement, that saw the RBNZ re-iterate their commitment to the normalisation of interest rates in NZ. The momentum saw the highs just over 88.50 set in the offshore session overnight and we now see the pair consolidating just below this level. Expect the 88.50 level to remain the primary target in the short term, albeit work through this level will be harder fought than yesterday’s appreciation. The BOJ monetary policy meeting later today rounds out the week, albeit no change in policy is expected. Next week sees the BOJ’s meeting minutes provide focus ahead of the NZ Q1 GDP numbers on Thursday.
The current interbank midrate is:    NZDJPY 88.17

The interbank range this week has been:    NZDJPY 86.80 - 88.67
Tuesday 10th June 1:00PM (NZT)
The New Zealand dollar has outperformed the Japanese Yen recently with most of the gains coming toward the end of last week. The gains were driven by a recovery in the NZD after some recent weakness. The pair rallied to test the initial resistance level of 87.40 which has so far managed to contain the topside. As is often the case Japanese data out yesterday has had little impact on the level of the Yen and the focus now turns to the RBNZ monetary policy statement on Thursday. This event will likely dictate direction in the near term. Any move above 87.40 will open the way for further gains toward 89.00. The downside is protected by support around 86.00.
  Current Level Support Resistance Last week's range
NZD/YEN 87.13 86.00 87.40 86.25 - 87.46

Friday 6th June 2:30PM (NZT) - Update
It has been a mostly quiet week for this pair with a tight range around 86.50 developing. Some relative outperformance from the New Zealand dollar in the last 12 hours or so has finally seen that range broken as the pair spiked up to 87.15. It seems likely the NZD should remain supported heading into next week RBNZ monetary policy statement, and this event will provide the major focus for the week. We also have the BOJ rate meeting although this shouldn’t provide any real surprises. Also from Japan next week we get current account, GDP, tertiary industry activity, and core machinery orders. Minor support around 86.00 should contain any near term weakness as the pair looks to target resistance around 87.40.
The current interbank midrate is:    NZDJPY 86.95

The interbank range this week has been:    NZDJPY 86.16 - 87.15
Tuesday 3rd June 6:30PM (NZT)
The New Zealand dollar lost ground to the Yen last week weighed on by declining dairy prices and a drop in business confidence. The pair traded down to 85.87 before recovering slightly. I would expect gains to continue to be limited to resistance at 87.40 with the down side the more vulnerable. Since peaking at 89.92 back in early April we have seen a gradual but steady decline and this trend is still firmly in play. A move down through 85.80 would target the 84.00 level initially. There isn’t a lot to digest from NZ this week and from Japan we only have the leading indicators to draw focus. A number of events in the wider market could easily cause volatility however, with the ECB meeting and US employment data providing the primary focus.
  Current Level Support Resistance Last week's range
NZD/YEN 86.60 85.80 87.40 85.87 - 87.40

Friday 30th May 2:00PM (NZT) - Update
This pair seems to be establishing a new lower range this week. The resistance at 87.50 capped any early NZD appreciation and through the belly of the week the pressure on the NZ dollar saw the lows produced just below 86.00. The bounce in the last few hours can be viewed as a healthy bounce, and most probably evidence that we are likely to see this pair consolidate in this apparent new 85.50 - 87.50 range over the coming week or so, albeit with a current bias towards a lower NZ dollar. Today’s raft of Japanese data saw little impact on the price action. In terms of data in the coming week, there should be little of material impact. The economic calendar is bare in New Zealand, whilst we have only second tier data to watch for in Japan.
The current interbank midrate is:    NZDJPY 86.30

The interbank range this week has been:    NZDJPY 85.87 - 87.44
Tuesday 27th May 2:30PM (NZT)
This pair bottomed mid last week at 86.42 as recent New Zealand dollar weakness abated. A small recovery ensued toward 87.30, but momentum waned and with a lack of action in any currency over the past few days we saw a tight range develop. There is certainly potential for this recovery to continue if minor resistance around 87.30 is overcome. The target then would be 88.30 which could well cap the pair in the near term. From NZ this week we have business confidence and building consents figures. While from Japan we have Governor Kuroda set to speak tomorrow, and then retail sales data on Thursday. This will be followed on Friday by household spending, inflation, and industrial production data.
  Current Level Support Resistance Last week's range
NZD/YEN 87.36 83.30 86.30 86.42 - 87.63

Thursday 22nd May 3:30PM (NZT) - Update
It has been an interesting week for this pair. The pressure has remained on the NZ dollar for the most part. Weaker global commodity prices, coupled with confirmation of no further policy action from the BOJ have driven the move. The support at 87.50 gave way and a quick move to support at 86.50 ensued. The pair has seen a bounce of sorts from those lows, but that level remains the target for testing in the short term. The easy appreciation for the YEN has been done, and a break of this support at 86.50 will no doubt prove harder work. Expect the Japanese inflation data, and BOJ monetary policy meeting minutes to dominate the economic news focus for the pair next week. In New Zealand the trade balance, building permit data and business confidence survey will be watched, but should be of only passing interest.
The current interbank midrate is:    NZDJPY 87.16

The interbank range this week has been:    NZDJPY 86.42 - 88.65
Tuesday 20th May 3:00PM (NZT)
The NZ dollar has seen increasing pressure from the Japanese YEN over the last week. Global risk aversion coupled with some better economic news in Japan has driven the move. Currently the pair is probing through the support at 87.50 and the coming sessions will prove interesting for the near term direction of the pair. Consolidation through 87.50 would open the way for further NZD downside and potentially the establishment of a new range at lower levels. The week’s primary focus comes in the form of the BOJ’s monetary policy announcement tomorrow, albeit no changes in policy are expected. In New Zealand, tonight’s sees the latest Fonterra dairy auction come ahead of the RBNZ’s Inflation Expectations survey results on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 87.55 87.50 89.50 87.34 - 88.65

Friday 16th May 2:00PM (NZT) - Update
There hasn’t been a lot of action in this pair over the past week. The early stages of the week saw a gradual appreciation on the back of some strength in the New Zealand dollar. This move ran out of steam around 88.60 however, and in the last 24 hours we have seen a sharp reversal. This pullback was caused by some risk aversion on the back of weakness in global stock markets overnight but has so far stabilized above 87.60. Since early March, this pair has broadly ranged between 87.00 and 89.00 and at this point there is nothing to indicate a change in that. There is little to draw focus from NZ next week, while from Japan we get core machinery orders, the trade balance, and the Bank of Japan (BOJ) monetary policy statement.
The current interbank midrate is:    NZDJPY 87.80

The interbank range this week has been:    NZDJPY 87.50 - 88.65
Tuesday 13th May 2:00PM (NZT)
Like many New Zealand dollar crosses, this pair saw a significant correction lower last week in the wake of Governor Wheelers comments regarding currency intervention. The pair traded as low as 87.52 heading into the weekend, although we have seen a small bounce since then. The recovery from that low has largely been on the back of JPY weakness with the NZD remaining steady since late last week. With a good percentage of forecasters expecting further stimulus action by the Bank of Japan over the coming months the JPY should remain broadly under pressure. Buying NZD’s on any dips toward 87.00 is recommended with further tests toward 90.00 likely over the coming months. The immediate focus now turns to NZ retail sales and the RBNZ’s financial stability report out tomorrow.
  Current Level Support Resistance Last week's range
NZD/YEN 88.14 87.50 89.50 87.52 - 89.28

Friday 9th May 2:00PM (NZT) - Update
The early stages of this week saw a continuation of the strong rally that started the previous week. This was driven largely by strength in the New Zealand dollar. That all changed mid-week though, after another soft dairy auction combined with comments from RBNZ Governor Wheeler with regard to intervening in the currency markets. The NZD immediately came under pressure and it has continued to grind lower since. A move down to support around 87.25 looks very achievable over the coming sessions. Next week from Japan we have current account, GDP, and tertiary industry activity data to provide the major focus. While from NZ we have the RBNZ financial stability report, along with retail sales and the annual budget release to digest.
The current interbank midrate is:    NZDJPY 87.72

The interbank range this week has been:    NZDJPY 87.70 - 89.28
Tuesday 6th May 2:00PM (NZT)
A strong performance by the New Zealand dollar the past week has seen this pair make significant gains. Last week’s NZ data in the form for trade balance, building consents, and business confidence have helped underpin the local currencies rise, and tomorrow we get employment data to throw in mix. If that also prints on the strong side we are likely to see the pair testing levels above 89.00 once again. Japanese data on Friday was positive with strong household spending and continued low unemployment figures, although these have failed to spark much life into the Yen. The only release on note this week from Japan are the BOJ minutes set for release tomorrow and again these shouldn’t have much impact. So the near term direction will largely be driven by movements in the NZD.
  Current Level Support Resistance Last week's range
NZD/YEN 88.78 87.50 89.50 87.35 - 88.79

Friday 2nd May 3:00PM (NZT) - Update
This pair has continued to trade mostly within its increasing familiar 87.50 - 89.50 range. The NZD saw a little pressure to start the week but this soon eased as weaker US economic data saw the market chase the higher yielding Australasian currencies. The relatively high NZ yield will continue to underpin NZD demand in the coming months, if not longer. The key drivers are that global equity markets over valued and the incredibly low yields in the major economies. The BOJ’s unchanged monetary policy decision was of no surprise to the market and has been of no impact on the price action. So expect the familiar range continue to play out next week, assuming tonight’s US employment numbers do not provide a paradigm shift in wider market sentiment. Next week the NZ first quarter employment numbers offer the primary focus, with the BOJ’s monetary policy meeting minutes offering only passing attention.
The current interbank midrate is:    NZDJPY 88.20

The interbank range this week has been:    NZDJPY 87.27 - 88.38
Tuesday 29th April 3:30PM (NZT)
This pair has had a small downside bias over the past week, thanks in large part to weakness in the New Zealand dollar. The cross did spike up to 88.49 in the immediate aftermath of the RBNZ rate hike last week, but as the market digested the statement the NZD ran out of steam and the pair eventually turned around. Pressure on the NZD has been maintained since as the market prices the risk of a pause in the tightening cycle after the next expected hike in June. Minor support around 87.30 has so far contained the downside. However a break below there would open the way for a broader pullback to 86.00. Later this week from Japan we have industrial production data, the Bank of Japan’s monetary policy statement, and household spending figures to draw focus. While from NZ we have building consents and business confidence data set for release.
  Current Level Support Resistance Last week's range
NZD/YEN 87.42 87.30 89.30 87.27 - 88.49

Wednesday 23rd April 4:30PM (NZT) - Update
There has been little overall direction for this pair in the past week. However, we have seen a gradual grind higher in the past 24 hours, as we head into the RBNZ rate meeting tomorrow. This is lending a little support to the NZD as another 0.25% hike is widely expected. Monday’s poor Japanese trade balance data has also weighed on the Yen to a degree, and the focus now turns to their inflation data set for release on Friday. The pair currently trades at 88.40 and any move up through 88.60 would open the way for another test of recent highs around 89.90.
The current interbank midrate is:    NZDJPY 88.20

The interbank range this week has been:    NZDJPY 87.55 - 88.42
Thursday 17th April 3:30PM (NZT) - Update
Some relative weakness in the New Zealand dollar has seen a very mild downside bias to this pair over the past week. The drivers for this have been a further decline in dairy prices and a softer than expected NZ inflation result. This week has also seen periods of Yen weakness and as a result the pair has chopped back and forth around the 88.00 level for a number of days. The longer term trend is certainly up and current price action can be viewed as a minor retracement within that broader trend. This would suggest support around 88.40 should limit the downside and we will eventually see a test of 90.00. Next week from Japan we get inflation data while domestically the focus turns to the RBNZ rate meeting on Thursday.
The current interbank midrate is:    NZDJPY 88.00

The interbank range this week has been:    NZDJPY 87.55 - 88.94
Tuesday 15th April 2:30PM (NZT)
It has been a week of choppy price action for this pair with a small downside bias. That bias has come from a strengthening Yen which has been making gains ever since the BOJ left policy unchanged at last week’s meeting. The New Zealand dollar has also been a strong performer this week, apart from a period last Thursday when stock market concerns saw a wave of ‘risk off’ selling, and this has limited the downside for the pair. We could easily see a deeper correction to 87.50 without threatening the broader uptrend that has been in place for some time now. Inflation data from NZ tomorrow will be of particular interest, while from Japan get revised industrial production numbers, consumer confidence, and tertiary Industry Activity data.
  Current Level Support Resistance Last week's range
NZD/YEN 88.30 88.00 90.00 87.64 - 89.21

Friday 11th April 3:30PM (NZT) - Update
The week started in a relatively mild manner with the price action contained in a fairly tight range. However, from Wednesday onwards the volatility really increased, with both the NZD and JPY seeing periods of increased demand. In the last 24 hours the Yen has materially outperformed the NZD. The balanced stance from the BOJ at their monetary policy announcement has coupled with wider market risk aversion to undermine demand for the NZD. Given the broad NZD advanced over the last couple of months, there was always potential for a pullback. The support at 88.00 contained the pressure on the first two attempts, but overnight this support gave away and has opened up the way for further weakness. Next week sees the all-important quarterly inflation numbers release in New Zealand on Wednesday. These are followed by the speech from BOJ Gov. Kuroda and industrial production data in Japan. These releases, along with the global equity markets will determine if the NZD continues its very recent of weakness.
The current interbank midrate is:    NZDJPY 87.80

The interbank range this week has been:    NZDJPY 87.64 - 89.23
Tuesday 8th April 1:30PM (NZT)
The NZ dollar saw pressure from the Yen last week. This pressure followed the weaker dairy auction results, and saw the pair move lower until the support around 88.50 halted the fall. Obviously the pair remains at elevated levels and the focus now moves to the BOJ monetary policy meeting later on today. This represents a real risk event for this pair as pressure mounts on the BOJ to support the economy as the increased sales tax took force at the start of April. So the near term lead will come from this decision. Expect the pair to remain at elevated levels in the short term at least as the current trend of the weak Yen and strong demand for the NZ dollar and it yield, remains in place.
  Current Level Support Resistance Last week's range
NZD/YEN 88.60 88.50 89.92 88.50 - 89.92

Friday 4th April 1:30PM (NZT) - Update
It has been a game of two halves this week for this pair. The NZD saw further strong demand to start the week, and pushed up towards resistance at 90.00. However, the turnaround came after the drop in prices at the Fonterra dairy auction. Whilst it did not react immediately, the NZ dollar was soon under some considerable pressure. Should the pressure on the NZD continue the initial support at 88.00 will be the target in the short term. Given the uncertainty currently in Japan, any further dramatic sell off seems unlikely at this stage. Next week will see the focus come from Japan in an absence of any material NZ economic news. The BOJ monetary policy announcement on Tuesday will be of primary focus.
The current interbank midrate is:    NZDJPY 88.88

The interbank range this week has been:    NZDJPY 88.50 - 89.92
Tuesday 1st April 1:30PM (NZT)
The past week has seen this pair break higher on the back of New Zealand dollar strength and Japanese Yen weakness. The NZD rally was helped by stop loss buying late last week and this took the currency to elevated levels on a number of crosses. On Friday afternoon Japan released a rash of data that didn’t have much impact initially. However, in the offshore session the Yen began to weaken and this helped to drive the pair even higher. Yesterday we received disappointing industrial production figures from Japan and these have kept the Yen under further pressure. The target in the near term is a test of psychological level of 90.00 which could provide minor resistance, but for the time being the trend is firmly up and the topside remains the risk.
  Current Level Support Resistance Last week's range
NZD/YEN 89.52 88.00 90.00 87.32 - 89.65

Friday 28th March 12:30PM (NZT) - Update
After a steady start to the week, the NZ dollar saw increased demand drag it higher against the YEN. Initially the demand was for the most part was overflow from a rampant AUD, but in last night’s offshore session the NZ dollar outperformed across the board. Market chatter of large funds exiting sold NZD positions points toward an opportunity to sell the NZD and buy great value Japanese YEN. The pair is currently trying to consolidate through resistance around the 88.60 level and is at post GFC highs. The raft of economic news from Japan later on today, and on Monday and Tuesday next week will provide some focus. With the current moment, trying to pick a high would be foolhardy, but further appreciation for the NZ dollar should prove harder fought from the current levels.
The current interbank midrate is:    NZDJPY 88.60

The interbank range this week has been:    NZDJPY 87.12 - 88.72
Tuesday 25th March 2:00PM (NZT)
The lack of overall direction in the New Zealand dollar recently has paired with a similar result in the Japanese Yen to see this pair trading in an increasingly tight sideways range. We can expect more of the same in the near term with only data from NZ this week being the trade balance tomorrow. We may finally get some direction on Friday after the release of a raft of Japanese data. Household spending, inflation, unemployment, and retail sales are all set to hit the wires on Friday afternoon.
  Current Level Support Resistance Last week's range
NZD/YEN 87.40 86.00 88.00 86.67 - 87.93

Friday 21st March 2:00PM (NZT) - Update
This week has seen a continuation of trade within the range of the last few weeks. With little in the way of Japanese economic news this week, the NZ GDP number was the primary focus. Coming in on expectation, the impact on the price action was relatively small. the remainder of the week has seen the price action dictated by the wider market sentiment. The pair retreated from the 88.00 resistance in the offshore market as the equity markets were under pressure. That resistance around the 88.00 level remains the target for those looking for further NZD strength. On the downside, the first real support will be seen at 86.50, but in the current environment any softness of the NZD will likely be short lived.
The current interbank midrate is:    NZDJPY 87.37

The interbank range this week has been:    NZDJPY 86.33 - 87.93
Tuesday 18th March 3:30PM (NZT)
The NZ dollar remains at elevated levels against the YEN. Attempts to consolidate through the resistance 88.00 proved ultimately unsuccessful, and expect that level to contain the price action this week. Look for the pair to continue to establish its range at these elevated levels. Any NZD softness will be caused by wider market risk aversion, and dips will be relatively shallow as yield chasers underpin demand for the NZD in the coming months. The quarterly NZ GDP numbers will provide the primary data focus for the week. These numbers come ahead of a speech from BOJ Governor Kuroda on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 87.20 86.00 88.00 86.34 - 88.32

Thursday 13th March 1:00PM (NZT) - Update
This week has seen relatively benign price action for this pair. The NZD saw a little softness coming into this morning’s RBNZ monetary policy announcement. This was quickly reversed once it was clear that the RBNZ had upwardly adjusted its interest rate track projections, albeit not by much. However, the resistance at 88.00 remains firmly in place and until that breaks, the upside for the NZ dollar against the Yen seems limited from its current elevated levels. Next week the primary focus comes in the form of the Q4 NZ GDP number due for release on Thursday.
The current interbank midrate is:    NZDJPY 87.55

The interbank range this week has been:    NZDJPY 86.68 - 87.61
Tuesday 11th March 3:00PM (NZT)
The NZ dollar saw a grinding outperformance of the Japanese Yen throughout last week. Once the pair broke through the initial resistance at 86.00, the move to test 88.00 was relatively quick. This week has seen the pair consolidating at its elevated current levels and the topside resistance at 88.00 remains the primary target in the short term. Of initial focus will be the BOJ’s monetary policy announcement a little later on today. Expect no change to policy settings, but as usual the accompanying statement will be closely monitored. The RBNZ announcement on Thursday will then become the focus, and we can expect the NZD to remain in demand ahead of announcement, albeit further moves higher should be contained by on-going fears over economic stability in China. Current levels could well prove to have offered good value buying of YEN over the medium term.
  Current Level Support Resistance Last week's range
NZD/YEN 87.50 86.00 88.00 84.79 - 87.95

Thursday 6th March 8:30PM (NZT) - Update
After opening the week under some pressure, the NZD has seen increasing demand as the tensions in the Ukraine abated. Helping NZD demand along the way has been better than expected economic news from Australia. With little material economic news in either respective domestic economies, this pairing has continued to take its lead from the wider markets risk appetite. Expect the NZD to remain in demand for the most part ahead of the RBNZ hike next week, and the BOJ announcement likely to be of limited impact. Of focus before that, will be Friday’s US employment report. A softer number will further support the NZD in the short term at least.
The current interbank midrate is:    NZDJPY 86.46

The interbank range this week has been:    NZDJPY 84.53 - 86.48
Tuesday 4th March 2:00PM (NZT)
This pairing remains in its increasing familiar territory, surrounded by support at 84.00 and resistance at 86.00. The opposing forces of the on-going positive economic news in NZ, and the wider market risk aversion with regards to the Ukraine, will continue to play out over the coming weeks. This week’s focus will be on the wider market sentiment with regards to the Ukraine, and some second tier economic news in Japan. With the RBNZ poised to initiate their hiking cycle at next week’s monetary policy announcement, expect any dips in NZD to be cushioned. The BOJ also have their meeting next week, which will ensure an increased focus for this pair throughout the next week or so.
  Current Level Support Resistance Last week's range
NZD/YEN 84.82 84.00 86.00 84.52 - 85.95

Friday 28th February 3:00PM (NZT) - Update
Strength in the New Zealand dollar this week has helped drive this pair up toward the highs for the month. The 85.80 level has been tested on a number of occasions during February, but has so far contained the topside price action. A move up through this level would open the way for a retest of cycle highs at 87.40. Gains this week have been driven by positive news from New Zealand. Fonterra’s announcement that it has raised its forecast payout to farmers has combined with supportive migration and trade balance data to boost the local currency. There has been little in the way of economic releases from Japan so far this week ahead of today’s raft of news. On the balance the data was positive, but the impact on this pair has been limited with the NZD demand remaining high since the Japanese data was released.
The current interbank midrate is:    NZDJPY 85.61

The interbank range this week has been:    NZDJPY 84.58 - 85.70
Tuesday 25th February 3:00PM (NZT)
This pair finds itself in an increasing familiar trading range. Whilst during the last week there were periods of NZ weakness, it seems to be able to recover with grinding appreciation. Certainly the resistance at 86.00 should contain any further NZD appreciation this week that sees the majority of focus provided by Japanese data. All we have to draw attention in NZ is the trade balance data on Thursday, and ANZ Business Confidence Index on Friday (expect to stay strong). In Japan the focus is all on Friday’s release of the latest inflation, employment, retail sales and housing starts data. The inflation numbers offers the highest chance of impact on the price action, as it is the primary target of the aggressive monetary policy stance currently in place.  It would surprise if the 84.00 - 86.00 recent range did not contain the price action for the week.
  Current Level Support Resistance Last week's range
NZD/YEN 85.57 84.00 86.00 84.01 - 85.76

Friday 21st February 1:30PM (NZT) - Update
Resistance around 85.70 continued to cap the topside for the NZDJPY this week and after been rejected from that level on Tuesday the pair drifted lower. There was little real direction though until we saw a sharp spike down yesterday in the wake of poor Chinese manufacturing data. That saw the weeks low of 84.01 trade, however since then the pair has put in a decent recovery. It now trades back around the 85.00 level where it started the week. Economic data from either country has been of limited impact and that should continue until Friday next week when we get a rash of JPY releases. Manufacturing PMI, household spending, inflation, industrial production, and retail sales are all set for release from Japan on Friday afternoon.
The current interbank midrate is:    NZDJPY 85.03

The interbank range this week has been:    NZDJPY 84.01 - 85.76
Tuesday 18th February 3:00PM (NZT)
There has been little overall direction for this pair over the past week. Much of the trading has been contained between 84.70 and 85.70 with fundamental economic data in the form of Japanese GDP and NZ retail sales only having limited impact. A move through 85.70 would open the way for a retest of January’s high at 87.40, although at the moment there seems little in the way of momentum for that to happen. Later today we have the Bank of Japan monetary policy statement which will be closely watched. This is followed by their monthly report on Wednesday, the trade balance on Thursday, and the BOJ minutes on Friday.
  Current Level Support Resistance Last week's range
NZD/YEN 85.30 83.50 85.50 84.34 - 85.79

Friday 14th February 1:30PM (NZT) - Update
The NZD has seen increased demand against the Yen this week. The momentum gained further when the AUD dragged the Kiwi higher after some much improved Australian business confidence numbers. Aiding the move were the softer than expected Japanese economic releases. The resistance around 85.50 has managed to contain the renewed NZD demand for the time being. After next Mondays 4th quarter NZ retail sales data, the focus really moves to Japan. The monetary policy announcement on Tuesday starts of the focus and its ends on Friday with the minutes from the BOJ meeting. In the background, the wider market’s levels of risk aversion will continue to be the guiding hand. A break to the close by resistance at 85.50 would certainly open up the way for another leg higher from the NZD.
The current interbank midrate is:    NZDJPY 85.50

The interbank range this week has been:    NZDJPY 84.34 - 85.79
Tuesday 11th February 3:00PM (NZT)
Last week saw the NZ dollar take back significant ground against the YEN. The week started with a wave of risk appetite to reverse the aversion seen on the Friday previous. Then came the neutral stance from the RBA at their monetary policy announcement, and this dragged the NZD higher again. Adding to the upside momentum came the decent NZ employment numbers, and this pushed the pair up through the 83.50 resistance, that now becomes support. The final push higher came after the disappointing US employment numbers on Friday. This week so far has seen very little in the way of price movement. With only second tier economic news in either economy, expect the primary lead to come from the wider markets appetite for risk. Support comes in at the 83.50 level, and resistance 85.50 has not been seriously tested in this recent move higher, and should cap progress on the week.
  Current Level Support Resistance Last week's range
NZD/YEN 84.75 83.50 85.50 81.43 - 84.94

Friday 7th February 3:30PM (NZT) - Update
This pair has continued its recent volatile ride this week. Being a barometer for global risk appetite, the downside saw all the action to start the week. The 81.50 support held true and from there the pair saw a sharp move higher as a neutral RBA, improved market sentiment, and decent NZ employment numbers combined to boost NZD demand. The unchanged ECB again pressured the YEN overnight, albeit a portion of that move has been reversed in the last few hours. Next week sees little tier one news in either economy, so the lead will primarily be provided by the wider market risk appetite. Better emerging market sentiment would help the NZD consolidate its gains from this week.
The current interbank midrate is:    NZDJPY 83.87

The interbank range this week has been:    NZDJPY 81.43 - 84.47
Tuesday 4th February 3:00PM (NZT)
Amid the wider market risk aversion this pair is an excellent barometer for market sentiment. The NZD has seen intense pressure from increased Yen demand over the last week. It currently sits right on near term support at 81.50, and could easily shed further ground if the global equity markets have another large down day. The fact that the RBNZ seem poised to hike the cash rate at next month’s monetary policy meeting has been pushed aside for the time being. For now the lead primarily is provided by the performance of global equity markets. Tomorrow sees the release of the Q4 NZ employment data. Expectations are for a 6.0% unemployment rate. A 6% result would equal the best quarterly rate since May 2010.
  Current Level Support Resistance Last week's range
NZD/YEN 81.62 81.50 83.50 81.50 - 85.73

Friday 31st January 4:00PM (NZT) - Update
The NZ dollar started this week by recovering some of its lost ground against the resurgent Yen. However this again changed in the aftermath of yesterdays unchanged monetary policy decision from the RBNZ. In the offshore session overnight the support at 84.00 and 83.50 were both broken. There has been a partial recovery back through 83.50 and the next challenge for the NZD will be the near resistance at 84.00. Todays Japanese inflation saw the pair rally a touch, but the impact was limited. Assuming no further elevation of emerging market fears in the short term and the NZD should take back further lost ground. The prospect of the March meeting cash rate hike from the RBNZ will no doubt lure investors back in the coming days.

The current interbank midrate is:    NZDJPY 83.80

The interbank range this week has been:    NZDJPY 83.19 - 85.73
Tuesday 28th January 4:30PM (NZT)
The main driver for this pair last week was the risk aversion sentiment that was seen due to emerging market concerns. This caused the New Zealand dollar to come under pressure and the Japanese Yen to appreciate on the back of safe haven flows. As a result the pair fell from levels around 87.00 all the way to 83.70, before putting in a small recovery over the last couple of days. Although emerging market volatility has declined a touch in the past 24 hours the rest of this week could easily see further large moves. The Fed meeting on Thursday morning will be closely watched by all markets, and domestically we have the RBNZ rate decision to digest an hour or so later. Although the most likely timing of the RBNZ’s first rate hike is March, there is a real chance they could pull the trigger this week, and that will keep the currency on its toes heading into the decision. The sharp reaction this pair has now seen from multi-year highs above 87.00 likely signals a period of consolidation is due. A range of 84.00 to 86.00 could well define price action over the coming week, assuming there are no further surprises on the horizon. Following the RBNZ meeting we have building consent and trade balance data, along with a speech from Governor Wheeler on Friday. While from Japan we get retail sales, inflation, unemployment, and industrial production data.
  Current Level Support Resistance Last week's range
NZD/YEN 85.01 84.00 86.00 83.70 - 87.16

Friday 24th January 2:00PM (NZT) - Update
This pair continues to trade within the 85.50 - 87.50 range that has established itself since the start of the year. There has been some reasonable action on the week. The pair moved higher to start the week, before the NZD saw some solid pressure in the offshore market overnight to hit the lows. The NZ inflation number increased the NZ demand, but the sudden rise of emerging market jitters provided the lead lower. Next week is a busy one for the pair. The RBNZ monetary policy decision will be very closely followed. In Japan there is a flora of data, but the retail sales and inflation results will be of primary focus. In terms of direction, the pressure seems to be on the downside with the emerging markets pressure. This is surely balanced by the prospect of a higher cash rate in the coming months from the RBNZ, if not next week. Loading orders at targeted levels provides an opportunity to benefit from what potentially could be a whippy week ahead.
The current interbank midrate is:    NZDJPY 85.62

The interbank range this week has been:    NZDJPY 85.48 - 87.16
Tuesday 21st January 3:00PM (NZT)
This pair saw mixed price action last week, with a real lack of momentum in either direction. The investigations through the initial resistance around 87.20 proved to be short lived, as did the push through the 86.00 support. So the range bound nature of the pair looks to continue in the short term at least. Today’s NZ inflation number has seen some increased demand for the NZD and pushed the pair firmly back into mid-range territory. From here the focus turns to the BOJ’s monetary policy announcement on Wednesday and Monthly economic survey on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 87.05 86.00 88.00 85.68 - 87.34

Friday 17th January 2:00PM (NZT) - Update
The New Zealand dollar rallied to fresh cycle highs against the Japanese Yen this week, helped by NZ business confidence come in at a 20 year high. The ever increasing Japanese current account also weighed on the Yen to a degree, but for now 87.40 looks to be capping the topside for the pair. The broader trend however, is most definitely up and while support around 86.00 contains any weakness, the focus is on eventual further gains. With the Japanese in full ‘money printing’ mode, and with the NZ central bank about to enter a tightening cycle it would take a very brave man who called a top in this pair. From NZ next week we get inflation data on Tuesday and the business NZ manufacturing index on Thursday. While from Japan we have the BOJ rate meeting on Wednesday to draw focus.
The current interbank midrate is:    NZDJPY 87.00

The interbank range this week has been:    NZDJPY 85.95 - 87.42
Tuesday 14th January 3:30PM (NZT)
While many New Zealand dollar crosses have leapt higher in the wake of the US employment data on Friday, the same cannot be said for the NZDJPY. As funds flowed out of the USD the Yen has benefited to a similar extent as to the NZD. This has meant that although there has been some volatility in the cross there has been little overall direction. In the last few hours the NZD has also been helped by a very strong business confidence survey and this is seeing the pair up towards 86.50. With little else scheduled for release this week for either country I expect more ranging as flows in the wider market push the pair around between 86.00 and 87.00.
  Current Level Support Resistance Last week's range
NZD/YEN 86.50 85.00 87.00 85.95 - 87.22

Friday 10th January 3:00PM (NZT) - Update
Whilst the NZ dollar has seen further upside against the YEN at times this week, it has retreated from the absolute highs. After what has been grinding appreciation for the last month for this pair, a period of consolidation can be expected. It would surprise to see a material rebound in YEN strength until inflationary pressure emerges in Japan. But at the same time, further NZ appreciation through the cycle highs will prove hard fought. Expect the 86.50 - 88.50 range to contain the price action in the coming week where trade balance and industrial production numbers in Japan offer the primary focus.
The current interbank midrate is:    NZDJPY 86.50

The interbank range this week has been:    NZDJPY 86.04 - 87.22
Tuesday 7th January 2:30PM (NZT)
The NZD has continued to push higher against the YEN over the last week, albeit with seemingly slowing momentum. The pair is now at levels not seen since early 2008. The reason for the push is the on-going commitment from the BOJ to provide continued stimulus to underpin inflation. This debases the YEN, and positively impacts Japanese exports. The other end of the spectrum is the NZ situation where the cash rate hiking cycle could start as early as later this month. These pressures have driven the material move since early November, but further gains should not be automatically assumed. This week sees a light economic calendar in both economies. Of note with be Fridays release in Japan of the latest BOJ Monthly Economic Survey, and the Leading Economic Index.
  Current Level Support Resistance Last week's range
NZD/YEN 86.30 85.00 87.00 85.38 - 86.90

Friday 20th December 1:30PM (NZT) - Update
It has been another interesting week for this pair with the NZD remaining at elevated levels. The Japanese news has been of limited impact, with drivers coming from the materially strong NZ data and the US Federal Reserve’s tapering of their QE program. The announcement of the Fed taper came as a little bit of a surprise and over time should undermine NZD demand as it should lower wider market risk appetite. Countering this was the mouth-watering NZ GDP and trade data. However, the gains seen following the NZ data have not been sustained and with the lack of upside momentum, further gains for this pair will be far harder fought than the previous gains. Look for solid resistance around the 86.00 level, with initial support coming at at 84.50 and then 84.00 below. Immediate direction from current levels is not obvious. The BOJ monetary policy announcement today held little of surprise with the bank poised to increase stimulation when required. Expect the holiday market liquidity to offer potential for sharp moves at times over the coming weeks.
The current interbank midrate is:    NZDJPY 85.40

The interbank range this week has been:    NZDJPY 84.39 - 85.84
Tuesday 17th December 2:00PM (NZT)
This pair has had a very stable start to this week, as the prospect of the US Federal Reserve monetary policy announcement looms large. Of passing interest will be the NZ 3rd quarter growth numbers on Wednesday with a market expectation of a 1.1% increase in activity for the period. With the RBNZ poised to increase the cash rate in 2014, it seems unlikely that this number will provide too much impact. Likewise with the BOJ monetary policy decision on Friday. No change is expected, albeit the recent lip service has pointed towards some further policy accommodation when required in 2014. So the direction in the near term is all about the Fed and whether or not they initiate tapering of their QE program late in the US on Thursday. Given the current lofty levels, those looking to buy YEN may look to lock in rates ahead of the Fed announcement.
  Current Level Support Resistance Last week's range
NZD/YEN 85.36 83.50 85.50 84.06 - 85.75

Friday 13th December 2:30PM (NZT) - Update
This pair has spent the week trading within its recent elevated range. The pair started the week at the highs after being boosted higher by the buoyant US employments numbers last Friday. However, news of the congressional budget agreement in the US saw the increased odds of Fed tapering undermine the NZD to an extent and the lows for the week were established. However, the pressure was not to last as the market liked what was served up by the RBNZ at yesterday’s monetary policy announcement. Albeit nothing new, the confirmation that the hiking cycle is imminent does directly diverge with further expected stimulus from the BOJ in the coming months. With this in mind, expect the demand for the NZD against the YEN to continue into the New Year.
The current interbank midrate is:    NZDJPY 85.21

The interbank range this week has been:    NZDJPY 84.06 - 85.75
Tuesday 10th December 2:00PM (NZT)
It was a curious last week for this pair. The NZ dollar initially saw some gains on the back of the stellar terms of trade data, before the price action stabilized through the belly of the week. The real game changing event was the release of the US employment numbers on Friday. The strange reaction saw a double whammy of the NZD outperform the USD, and the USD outperform the JPY. The strange resulting move was almost two percent in favour of the NZD. The pairing sits right on the resistance at 85.60 that has contained further appreciation for the time being. Direction from the current levels will likely be driven by the RBNZ monetary policy announcement on Thursday. With the pair close to Aprils post GFC highs, certainly the current levels look to offer some good value buying of YEN with NZ dollars.
  Current Level Support Resistance Last week's range
NZD/YEN 85.50 83.50 85.50 82.83 - 84.86

Friday 6th December 3:00PM (NZT) - Update
This pair saw reasonable gains to start the week, as the stellar Terms of Trade data in New Zealand increased demand for the NZ dollar. However, the turn came mid week as the materially softer Australian dollar really started to weigh on the prospects of the closely correlated NZD. Whilst the pair refuses to consolidate through support at 83.50, the potential is for a recovery from the NZ dollar. Near term direction will likely be driven by the US employment data due for release later on today. Strong numbers would weigh on the NZD more so than the Yen, as the prospect of some stimulus tapering from the FED would weigh on growth assets like the NZD. The RBNZ monetary policy meeting next Thursday represents the primary NZ focus next week. In Japan there is a myriad of second tier releases, but of note will be Fridays industrial production data.
The current interbank midrate is:    NZDJPY 83.66

The interbank range this week has been:    NZDJPY 82.83 - 84.86
Tuesday 3rd December 2:30PM (NZT)
For much of last week both the NZD and the JPY were coming under pressure against the USD, and this resulted in the cross trading sideways in a choppy range. That all changed in the early stages of this week however, as the New Zealand dollar managed a broad recovery helped by very strong terms of trade data yesterday. The Japanese Yen however has remained under pressure and as a result this pair broke up through resistance around 84.00. A pull back toward 83.50 cannot be ruled out but it wouldn’t change the broader picture which is now overwhelmingly positive. A test of the April 2011 high at 86.41 could well be on the cards over the coming weeks.  Data wise from Japan this week we have  average cash earnings and leading indicators to draw focus, along with a couple of speeches from Governor Kuroda. From NZ there are no key releases.
  Current Level Support Resistance Last week's range
NZD/YEN 84.40 83.50 85.50 82.83 - 84.49

Friday 29th November 3:30PM (NZT)
The New Zealand dollar has struggled against most currencies this week but so has the Japanese Yen. As a result this pair has had little overall direction, although there have been some sharp moves as periods of pressure on each currency impacted the cross. The small amount of data that has come from NZ has printed on the strong side, but had little discernible impact. The Yen too has been mostly driven by offshore factors as most of the local data has provided few surprises. There is minor support around 82.80 with resistance around 83.80. The economic calendar is very light from both countries next week and it is therefore expected that any potential direction for the pair will come from the wider market.
The current interbank midrate is:    NZDJPY 82.91

The interbank range this week has been:    NZDJPY 82.83 - 83.84
Tuesday 26th November 4:30PM (NZT)
The past week has seen some volatile trading for this pair. The lows of 82.16 traded last week with the New Zealand dollar underperforming the Yen as the markets re-priced the risk of Fed tapering in the coming months. But recent price action has seen the Yen play catch up to weakness in the NZD, and the result is we now trade around similar level to where we began last week.  This recent Yen weakness comes on the back of the US - Iran nuclear deal which has reduced demand for the Yen as a safe haven currency. The pair looks set to test resistance toward 84.00 in near term and reaction there will be key. A sustained break above there would open the way for a test of 84.90 ahead of the April 2013 highs of 86.41. This week from NZ we have trade balance data, business confidence, and building consents to draw focus.
  Current Level Support Resistance Last week's range
NZD/YEN 83.46 82.00 84.00 82.16 - 84.01

Friday 22nd November 2:30PM (NZT)
This pair has finally seen the NZD come under some pressure this week, albit the pair remains at elevated levels. The NZ dollar weakness has come on the back of a couple of factors. The resurgence of the USD has seen the NZD underperform on a relative basis. This has coupled with a more upbeat assessment of the global environment at the BOJ monetary policy announcement yesterday. Overall the pair remains close to the middle of its recent range. Any further pressure on the NZ dollar will see a test of the support at 82.00, which represents the initial hurdle for material move lower for this pair. Next week the focus will come from the BOJ’s monetary policy meeting minutes on Monday, and Japanese inflation numbers on Thursday.
The current interbank midrate is:    NZDJPY 82.95

The interbank range this week has been:    NZDJPY 82.60 - 83.88
Tuesday 19th November 2:30PM (NZT)
It has been a bit of a wild ride for this pairing over the last week. The impetus has come from the markets discounting of chances of a Fed taper of their QE program in December. This has seen the NZD out perform as a natural beneficiary of the QE program. Add to this the fact that in the new year the RBNZ are likely to initiate hikes from the emergency low 2.50% cash rate in NZ, and the increased NZ dollar demand is unsurprising. However, in the last few sessions the momentum has waned for the NZD. Global stock markets have moved lower and the NZD has moved lower correspondingly. Direction from the current levels is not clear and the global risk appetite will provide the lead.
  Current Level Support Resistance Last week's range
NZD/YEN 93.10 82.00 84.00 81.65 - 83.90

Friday 15th November 2:00PM (NZT) - Update
For the first part of the week this pair was contained by a very small trading range. To be fair the very weak NZ retail sales number was of limited impact and the lead has come almost solely from the USD and the relative performances of the NZD and the YEN against it. The Yellen testimony has provided the primary lead, with her comments construed that the Fed’s easy money policy is under no threat. A direct result of which has been the NZD outperformance of the YEN. The initial resistance at 82.00 was swept aside and the next level at 83.00 remains the primary target for further NZD strength in the near term. The BOJ monetary policy statement next week provides the primary data focus in the short term. Further NZD gains from current levels will prove harder fought than previously made ground.
The current interbank midrate is:    NZDJPY 82.87

The interbank range this week has been:    NZDJPY 81.68 - 82.85
Tuesday 12th November 2:30PM (NZT)
This pair put in a dramatic fall in the wake of the stronger than expected US GDP figures last Thursday. Massive Yen buying combined with selling of New Zealand dollars to see a low of 81.24 trade. The pair has been a little more subdued since then and maintained a tighter range even after Friday night’s US employment data that also surprised to on the strong side. There is support around 81.20 while resistance comes in on the topside towards 83.00. This week from NZ we have the RBNZ financial stability report on Wednesday and retails sales on Thursday. While from Japan we get consumer confidence, core machinery orders, and GDP data to digest.
  Current Level Support Resistance Last week's range
NZD/YEN 81.92 80.00 82.00 81.24 - 83.04

Friday 8th November 2:00PM (NZT) - Update
It has been a wild ride for this pair this week. Up until the US GDP number overnight, the moves were almost all in the NZ dollars favour. Decent Chinese numbers, mixed Australian news and strong NZ employment numbers provided the boost for the NZD as it rose against the YEN throughout the week. However, the US growth numbers saw sharp moves across most markets and few more so than on this cross. The strong US news is negative for the NZD, and the strange price action in the USDJPY that saw huge YEN demand, helped accelerate the pressure on the NZD from the YEN. Ironically, after such a surprising and sharp move, the pair currently sits close to levels where it started the week. Of next focus is the US employment numbers tonight. Give the volatility seen overnight, further sharp moves cannot be discounted for this pair.
The current interbank midrate is:    NZDJPY 81.73

The interbank range this week has been:    NZDJPY 81.24 - 83.04
Tuesday 5th November 1:30PM (NZT)
This pair continues to trade in the relatively narrow and increasingly familiar 80.50- .8200 range that we have seen for the last couple of weeks. Certainly the better news from both Australia and China has seen some grinding appreciation from the NZD, but the 82.00 resistance has not been under serious threat as yet. In the near term, tomorrow’s 3rd quarter NZ employment numbers provide the primary focus. These come ahead of the BOJ monetary policy meeting minutes that should be of limited impact. The NZ unemployment rate is expected to fall from 6.4% to 6.2% with a +.5% increase in employment on the quarter. Certainly the aforementioned 82.00 resistance offers the initial target, should the release beat the market expectations. Following that release the lead will come from the wider markets appetite for risk.
  Current Level Support Resistance Last week's range
NZD/YEN 81.80 80.00 82.00 80.49 - 82.02

Friday 1st November 3:00PM (NZT) - Update
After looking heavy in the early stages of the week this pair failed to break below 80.50 and as a result has recovered some ground. Although trading has been choppy with central banks decision from the US, NZ, and Japan, overall we have seen a gradual appreciation of the NZD against the JPY. As long as 80.50 contains any weakness, the focus remains on the topside but momentum could wane at any point. A move below 80.50 will swing the outlook negative and target 80.00 initially. From New Zealand next week the calendar is pretty light with only employment data on Tuesday to focus on. While from Japan we get a speech from BOJ Governor Kuroda, and the minutes from the last BOJ meeting.
The current interbank midrate is:    NZDJPY 81.13

The interbank range this week has been:    NZDJPY 80.49 - 81.62
Tuesday 29th October 3:00PM (NZT)
After last week’s big ‘risk off’ move that saw the New Zealand dollar come under pressure, and the Japanese Yen benefit, this pair has remained on the back foot. The cross headed into the weekend near its lows and only staged a small recovery yesterday. But in the last couple of hours the pair has turned down again and all the risks remain skewed to the downside and a test of support around 80.00. We have both the RBNZ and BOJ rate reviews this week to draw focus. Also from Japan we get household spending, retail sales, and industrial production.
  Current Level Support Resistance Last week's range
NZD/YEN 80.92 80.00 82.00 80.53 - 83.98

Friday 25th October 1:30PM (NZT) - Update
Price action this week in the NZDJPY has been dominated by the wave of ‘risk off’ sentiment that swept through the market on Wednesday. It was triggered by concerns about bad debts in the Chinese banking system, a spike in short term Chinese short term money market rates, and a resulting fall in Asian stock markets. Traders dumped the NZD and bought the JPY as a safe haven. This caused the cross to collapse from 83.98 to 80.99 before staging a small bounce. But again sellers emerged and the pair currently trades close to its low for the week. The cross could easily fall further before running into key support around 80.00 which should halt the downside in the near term. Next week from Japan we have retail sales, industrial production, and the BOJ monetary policy statement. While from New Zealand the highlight will be the RBNZ monetary policy statement, which is followed by building consents and business confidence.
The current interbank midrate is:    NZDJPY 80.82

The interbank range this week has been:    NZDJPY 80.80 - 83.98
Tuesday 22nd October 2:20PM (NZT)
The NZ dollar saw some decent appreciation over the YEN throughout the belly of last week. This came as the market pared back expectations of tapering of monetary stimulation by the US Federal Reserve, and this coupled with increased NZ inflation numbers. The paring back of FED tapering expectations is undeniably positive for the NZD in the short term. The resistance at 83.50 has capped the appreciation on this move. Certainly the easy work has been done by the NZD, and any further gains will likely be harder fought. This week is again light on economic data in both economies. Japanese trade balance numbers yesterday provided focus ahead of the NZ trade balance data on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 83.00 81.50 83.50 82.17 - 83.38

Friday 18th October 2:00PM (NZT) - Update
We have seen good gains in this pair over the last week on the back of a strong New Zealand dollar. The local currency benefited from stronger than expected inflation data and a return of positive risk sentiment as a deal in US political standoff was reached. The latter was also somewhat negative for the Yen and this saw the high of 83.47 trade yesterday. There is big resistance around 83.50 and it has so far capped the pair on two separate attempts. A failure to break above there soon could well see the tide change and a move back down towards 82.00. From NZ next week we have only credit card spending and trade balance data, while from Japan we have the trade balance and inflation data to digest.
The current interbank midrate is:    NZDJPY 82.98

The interbank range this week has been:    NZDJPY 81.35 - 83.47
Tuesday 15th October 2:20PM (NZT)
Since late last week this pair has been making gains on the back of optimism that a deal will be reached in the political standoff in Washington. When a deal looked to have fallen apart over the weekend the pair had a sharp correction lower, but since then we have seen further gains as news of an impending agreement leaks out. There has been little in the way of fundamental data from either country to drive the pair and that is mostly true for the coming week as well. With just NZ inflation data tomorrow along with Japanese industrial production, events in the US will continue to have the overriding influence.
  Current Level Support Resistance Last week's range
NZD/YEN 82.51 81.50 83.50 80.04 - 82.60

Friday 11th October 12:00PM (NZT) - Update
For much of the past week this pair has had little overall direction. Sideways trade around 80.60 seemed to dominate while the market awaited developments in the US standoff. Last night it seems some progress had been made and there is talk of a temporary increase to the debt limit. This saw a ‘risk on’ sentiment return to the market which was positive for the New Zealand dollar and negative for the Yen. The result was that the cross snapped higher towards 81.50. With a deal in the US less than certain and plenty of details still left to be worked out, developments there will continue to dominate.
The current interbank midrate is:    NZDJPY 81.22

The interbank range this week has been:    NZDJPY 80.04 - 81.51
Tuesday 8th October 2:15PM (NZT)
Although a little choppy over the past week, this pair has seen a small downside bias as the Yen is gradually outperforming the New Zealand dollar. The highs reached last week after RBNZ Governor Wheeler’s comments were short lived and the cross quickly traded back down towards 80.50. Since then the pair has lost more ground and looks likely to test 80.00. Weakness in the pair is mostly on the back of strength in the Yen that has emerged as the preferred haven for investors worried by the stand-off in US debt ceiling talks. There has not yet been a general flight from risk currencies such as the NZD, but that could eventuate as the Oct 17 default deadline approaches. In the event of a default we could easily see a combination of weakness in the NZD and further strength in the Yen that would cause the cross to tumble. All eyes remain on Washington.
  Current Level Support Resistance Last week's range
NZD/YEN 80.18 80.00 82.00 79.89 - 81.95

Friday 4th October 2:00PM (NZT) - Update
The New Zealand dollar started the week strongly against the Japanese Yen after solid business confidence numbers gave the currency a boost. That strength was quickly reversed and the cross traded down to below 80.00 as the Yen outperformed the NZD in the middle part of the week. We then saw a bounce from those lows, after RBNZ Governor Wheeler warned about the potential need for sharp interest rate hikes to cool the property market. But again the strength could not be sustained and the pair has since given back much of its gains. Strength in the Yen this week has been aided by good survey results from both the manufacturing and service sectors, as well as the announcement that the government will proceed with the planned sales tax increase. Key support comes in around 79.90 and a move below there would be a negative signal. In that case we would be targeting 78.00 initially. Upcoming data from NZ includes business confidence and the manufacturing index, While from Japan next week we get the BOJ monthly report, current account data, minutes from the latest BOJ meeting, core machinery orders, and consumer confidence.
The current interbank midrate is:    NZDJPY 80.52

The interbank range this week has been:    NZDJPY 79.89 - 81.95
Tuesday 1st October 2:15PM (NZT)
The New Zealand dollar lost some ground against the Japanese Yen in the early part of last week on the back of weakness in the NZD. Since then trade has mostly been contained between 81.00 and 82.00 and there has been little in the way of overall direction. A brief test toward support around 80.50 was short lived, and yesterday’s strong NZ business confidence numbers have helped the cross rally back to 81.60. We can expect some volatility over the next 12 hours with the market awaiting the announcement from Prime Minister Abe on the sales tax increase and potential stimulus measures to offset the impact. In the last couple of hours we have seen readings on the health of the service and manufacturing sectors of the Japanese economy which have come in around expectation. There has been little impact on the level of the Yen so for as a result.
  Current Level Support Resistance Last week's range
NZD/YEN 81.63 80.50 82.50 80.93 - 83.08

Friday 27th September 2:00PM (NZT) - Update
It has been an interesting week’s price action for this pair. The NZD was vulnerable against the YEN from the start and saw some constant pressure over the first half of the week. The pressure was alleviated by the positive Fonterra news, and the pair managed to bounce of the support at 81.00. The bounce in sentiment for the NZD has seen it recover around half of its losses. Today’s Japanese inflation numbers were of limited impact to the pair that looks to be stuck in the 81.00 - 83.00 range in the short term. Next week sees just Monday’s NZ business confidence number offer any focus for the NZ dollar. In Japan there are various second tier releases ahead of the BOJ’s monetary policy statement tentatively scheduled for release on Friday.
The current interbank midrate is:    NZDJPY 81.90

The interbank range this week has been:    NZDJPY 80.93 - 83.08
Tuesday 24th September 2:00PM (NZT)
The New Zealand dollar made good gains against the Japanese Yen last week after the Fed announcement and some solid NZ GDP data. That move seems to have run out of steam just above 83.50 and the pair is now coming under a little pressure. It currently trades around 82.20 and we could easily see a deeper correction to support at 81.50. The pair has made decent gains since the beginning of September when it was around 76.00 and to date there has been little in way of a meaningful pullback. This would suggest the cross is due for a correction lower and 81.50 is the initial target. There is little in the way of data this week to dive the pair with only NZ trade balance and Japanese inflation drawing any real focus.
  Current Level Support Resistance Last week's range
NZD/YEN 82.16 81.50 83.50 80.94 - 83.60

Friday 20th September 2:00PM (NZT) - Update
The NZ dollar has continued its recent appreciation against the YEN this week. Dual drivers of the surprise non-tapering decision from the US Federal Reserve and positive NZ GDP numbers provided the boost. For now the close by resistance at 83.50 has managed to curb further NZD appreciation. However, consolidation through this level would open the way for further NZ dollar appreciation. Next week the lead will come from the wider market with little in the way of top tier economic news due in either economy. Former resistance at 81.50, now provides the support target if risk aversion emerges in the wider market.
The current interbank midrate is:    NZDJPY 83.16

The interbank range this week has been:    NZDJPY 80.76 - 83.60
Tuesday 17th September 2:00PM (NZT)
Recent strength in the New Zealand dollar has been matched by the Japanese Yen and this has seen the cross maintain a tight range between 80.50 and 81.50 for much of the past week. Resistance at 81.50 should prove tough to overcome, as there has been no significant retracement since the pair took off from below 76.00 at the end of August. This week could prove to be a decisive one however, with the key Fed announcement on tapering out on Thursday morning. In NZ this week we also get current account data and the important 2nd quarter GDP. From Japan the trade balance and a speech from Governor Kuroda will draw focus.
  Current Level Support Resistance Last week's range
NZD/YEN 81.07 79.50 81.50 79.81 - 81.35

Friday 13th September 2:00PM (NZT) - Update
This pair burst through the initial resistance at 79.50 early this week. Once through that level ground has been easily made by the increased demand for the NZ dollar. Dual drivers of the RBNZ and increased global risk appetite driven by Russian led developments in Syria have provided the lead. The resistance at 81.50 has contained the price action for the time being. From here the markets focus should move to Wednesday’s hugely important FED monetary policy announcement. It would surprise in further gains from the NZ dollar come as easily as the moves have been this week. Current levels offering good value buying of YEN with NZD.
The current interbank midrate is:    NZDJPY 81.08

The interbank range this week has been:    NZDJPY 79.27 - 81.35
Tuesday 10th September 2:00PM (NZT)
This pairing has seen strong gains over the past week. These gains have come on the back of an easing in geo-political concerns around Syria and better data from both Australia and China that has helped support the NZD. There is strong resistance between 80.00 and 80.40 which has capped any strength since the pair broke down in early June. This resistance should prove tough to overcome in the near term especially as the market awaits the RBNZ monetary policy statement on Thursday. Also on Thursday we get the minutes from the BOJ’s last policy meeting.
  Current Level Support Resistance Last week's range
NZD/YEN 79.95 78.40 80.40 77.23 - 80.03

Friday 6th September 2:00PM (NZT) - Update
The NZ dollar has seen some solid demand against the YEN this week. The dual drivers of better than expected Chinese and Australian indicators, and materially lower levels of risk aversion in the wider market as perceived geo-political risks lowered, provided the lead for the pair. However, the resistance at 79.50 is not far away and this should slow the momentum, in the short term at least.  Any break of this level would see an assault on the 80.00, which has contained the price action for the most part over the last three months. The BOJ monetary policy statement was of limited impact as expected. They will be quietly confident with the progress so far from their latest policy settings. Next week sees the RBNZ make their monetary policy statement, and this provided the primary  for this pair next week.
The current interbank midrate is:    NZDJPY 78.93

The interbank range this week has been:    NZDJPY 76.30 - 79.13
Tuesday 3rd September 4:00PM (NZT)
This pair spent most of last week entrenched in a relatively tight range, albeit the risk aversion pressure on the NZD saw the pair close at the weeks lows on Friday. However, the sentiment changed over the weekend, as the positive Chinese manufacturing numbers coupled with a delay on the UK and US strike on Syria. The focus this week will come from the statement accompanying the unchanged monetary policy decision from the Bank of Japan (BOJ) on Thursday. The immediate target for further NZD appreciation has to be the 78.00 resistance. A consolidated break of this level would open up the way for another leg higher by the NZD over the YEN.
  Current Level Support Resistance Last week's range
NZD/YEN 77.90 76.40 78.40 75.75 - 77.92

Friday 30th August 2.00PM (NZT) - Update
The widespread risk aversion that we saw across markets in the early part of the week was very evident in this pairing. Safe haven flows into the Yen saw it outperform most other currencies. Against the New Zealand dollar the cross fell from 77.50 to just over 75.00. Since then we have seen a recovery as some pressure has been relieved in emerging markets and the outlook for action in Syria has been deemed limited. There is certainly the chance that either of those influences could again spark safe haven flows over the coming days, but in the absence of fresh developments we can likely expect the Yen to slowly weaken back towards 77.50 to the NZD. The highlight for next week will be the Bank of Japan monetary policy statement on Thursday.
The current interbank midrate is:    NZDJPY 76.31

The interbank range this week has been:    NZDJPY 75.11 - 77.58
Tuesday 27th August 4:00PM (NZT)
A combination of better Japanese data and the RBNZ’s announcement on loan-value-ratios saw this pair lose a lot of ground in the first half of last week. Since then we have seen some sideways, albeit choppy, price action. 77.60 seems to have capped the topside while on the downside 76.40 supports. As long as the price holds above 76.40 there is potential for a recovery and a move up towards 79.00. A sustained move below 76.40 would however open the way for a test of 75.00 ahead of the June lows of 74.47. From Japan on Thursday we get retail sales figures then on Friday we get a rash of data including inflation, industrial production, household spending, and unemployment. The only data out of NZ this week comes in the form of business confidence on Thursday and building consents on Friday.
  Current Level Support Resistance Last week's range
NZD/YEN 76.92 76.40 78.40 76.45 - 78.80

Friday 23rd August 2.00PM (NZT) - Update
Like most of the NZD crosses this pair has suffered as the New Zealand dollar came under pressure on the back of the RBNZ’s announcement on loan-to-value ratios. However unlike many of the NZD crosses, the NZDJPY has staged something of a recovery from the lows of 76.45 seen yesterday. It currently trades near 77.50 and this come even after some good readings on a survey of Japanese industry released yesterday. Support around 76.40 is key and as long as the pair hold above there we may see a recovery back towards 78.50. Below 76.40 the target will be a test of 75.00. Next week there is plenty to digest with retail sales, household spending, inflation, and industrial production all set for release in Japan. While from New Zealand we have trade balance, business confidence, and building consents to digest.
The current interbank midrate is:    NZDJPY 77.62

The interbank range this week has been:    NZDJPY 76.45 - 79.89
Tuesday 20th August 3:00PM (NZT)
The past couple of weeks have seen this pair grinding higher as the New Zealand dollar appreciated against the JPY. This move started from 76.40 on the 7th August and looks to have peaked in the last 24 hours at 79.89. The reversal from the peak last night has been reasonably sharp and seen the pair trade down to 78.00 so far. The latest leg lower came on the back of the RBNZ’s announcement of new loan-to-value ratios for the banking sector. The rest of the week sees a very light economic calendar for NZ. The same can be said for Japan with most of the focus being on the continued debate around the planned sales tax increases.
  Current Level Support Resistance Last week's range
NZD/YEN 78.20 78.00 80.00 77.85 - 79.89

Friday 16th August 2.00PM (NZT) - Update
We have seen mostly one way traffic this week as the New Zealand dollar has seen grinding  appreciation against the Japanese Yen. This move has been driven by softer Japanese GDP numbers on Monday and stronger New Zealand retails sales data on Wednesday. The pair reached 79.40 last night, before quickly retracing back to 78.40 where it currently trades. This move was triggered by volatility in the wider markets, and in particular swings in the value of the USD. There is limited data out of both countries next week with only Japanese trade balance, and from NZ producer prices and inflation expectations. 79.80 provides minor topside resistance ahead of the more important 80.50 level.
The current interbank midrate is:    NZDJPY 78.90

The interbank range this week has been:    NZDJPY 77.22 - 79.40
Tuesday 13th August 3:00PM (NZT)
The last week has seen grinding recovery from the NZD following pressure generated on it following the Fonterra whey powder news. For the most part the price action has been contained, as the YEN saw increased demand on the back of a weaker US dollar. Yesterday’s weaker than expect preliminary Japanese GDP number has seen the NZD outperform, albeit the pair contained by the initial resistance at 77.80 for the time being. The BOJ monetary policy meeting minutes released earlier today were of limited impact. Focus now turns to the NZ 2nd quarter retail sales numbers tomorrow. It would not surprise to see the price action this week contained by the 76.50 - 78.50 range that has established itself over the last two weeks. This is because limited economic data in the wider should mean lower levels of volatility for this pair.
  Current Level Support Resistance Last week's range
NZD/YEN 77.73 76.50 78.50 76.25 - 77.81

Friday 9th August 2.00PM (NZT) - Update
This pair has been largely range bound over the course of the week. The 76.50 to 77.50 range seems to have contained 95% of the price action. The range bound price action has occurred because the Japanese Yen has been slowly appreciation over the course of the week in line with the NZD. Direction from here is a very tough call, but as long as the pair holds above 76.50, I feel the risks are skewed to the topside and a move up through 77.50. That would open the way for gains up to the 79.50 area. Any move below 76.50 will bring recent cycle lows of 74.50 into play.
The current interbank midrate is:    NZDJPY 77.12

The interbank range this week has been:    NZDJPY 76.25 - 77.55
Tuesday 6th August 1:45PM (NZT)
Late last week the NZD came under some intense pressure from the JPY. The NZ dollar suffered as the RBA intimated further easing at today’s monetary policy announcement. Also pressuring the NZD were strong US manufacturing numbers, increasing the chances of early tapering of monetary stimulation from the FED that has benefited the NZD for so long. The Fonterra whey scare that came to light over the weekend added to the negative price action. But overnight as markets saw more positive economic news the pair has bounced off the support level at 76.50. This remains the key area in the short term. If the Fonterra issues pass, expect the NZD demand to remerge. Wednesday’s NZ employment numbers offer a focus ahead of the Japanese monetary policy announcement on Thursday. The Fonterra Global Dairy Trade auction overnight will also be close monitored.
  Current Level Support Resistance Last week's range
NZD/YEN 76.78 76.50 78.50 76.37 - 78.71

Friday 2nd August 2.00PM (NZT) - Update
The YEN has outperformed the NZ dollar this week. Support at 78.00 was broken for a time, but consolidation through that support level was a step too far at this point. Overnight saw a the YEN under pressure from the USD, and this saw the pair move back comfortably into the range where its spent the last few weeks. Next week sees the NZ 2nd quarter employment numbers on Wednesday provide the focus ahead of the BOJ’s monetary policy decision on Thursday. With both currencies vulnerable at times, it would not surprise to see the recent range continue in the short term.
The current interbank midrate is:    NZDJPY 78.58

The interbank range this week has been:    NZDJPY 77.76 - 79.35
Tuesday 30th July 4:45PM (NZT)
This pair has continued to see periods of volatility over the last week. The YEN saw some pressure early last week. This pressure followed the news of the strong LDP party election win in the upper house. The risk aversion coming into the election had seen the YEN in demand, so it was only natural this would be unwound when it became clear that PM Abe has the mandate for the aggressive policies he’s implemented. Since then the equity markets have looked shaky, and this has undermined demand for the NZD accordingly. This week sees a lack of domestic focus in either economy, so expect the lead to come from noise created in the wider market. There is plenty of room for action with the various central bank announcements more than likely to add to the recent volatility.
  Current Level Support Resistance Last week's range
NZD/YEN 78.63 78.00 81.00 78.33 - 80.43

Friday 26th July 2.00PM (NZT) - Update
This week has seen a slow grinding appreciation of the New Zealand dollar against the Japanese Yen. The grind higher was helped by a somewhat firmer tone from the RBNZ in its monetary policy statement. The resulting increase in demand for the NZD has seen this pair trade up through resistance at 80.00. With support now coming in around 79.00 the risks are still firmly to the topside. There is plenty of data out of Japan next week for the market to digest. We get retail sales, household spending, unemployment and industrial production, all ahead of a speech by BOJ’s Kuroda on Tuesday. From NZ we get a reading on business confidence on Wednesday, albeit this should be of limited impact.
The current interbank midrate is:    NZDJPY 80.08

The interbank range this week has been:    NZDJPY 77.99 - 80.43
Tuesday 23rd July 3:00PM (NZT)
The YEN was vulnerable in the run up to the upper house elections in Japan. With the uneventful poll result, the YEN has started the week on a better footing as the pair was contained by the resistance at 80.00. There is little other news due from japan this week, so the focus will come from the RBNZ monetary policy statement on Thursday. Whilst no change is expected to the emergency low 2.50% cash rate, any guidance to the timing of hikes expected in the coming year will garner attention. The pair is looking increasingly comfortable in the 77.50 - 80.00 trading range that it has established over the last month. Any intimation of early than expected cash hikes from the RBNZ would see some pressure on the resistance at 80.00, albeit an unlikely scenario.
  Current Level Support Resistance Last week's range
NZD/YEN 79.66 77.50 80.00 77.99 - 79.92

Friday 19th July 12.00PM (NZT) - Update
The NZ dollar has seen grinding appreciation over the Japanese YEN this week. There has been little in the way on domestic news in either economy to drive the move, which looks to have been led by improved sentiment in the wider market. The YEN has been vulnerable across the board, so the performance of the NZD has certainly not been standout. Next week the RBNZ monetary policy statement on Thursday will provide the major focus for this pair. Upper house elections in Japan could also be a factor, but any impact will likely play out over the medium term. The pair should find some reasonable resistance up towards the 80.00 level, as the easy work has already been done for the NZD.
The current interbank midrate is:    NZDJPY 79.52

The interbank range this week has been:    NZDJPY 77.14 - 79.52
Tuesday 16th July 3:30PM (NZT)
Last week was an interesting one for this pair. The on-going concerns about the Chinese economic situation and banking sector negativity impacted on demand for the NZD. After initial appreciation the NZDJPY came under pressure. We have send a grinding recovery of sorts since yesterday’s Chinese GDP number came in on expectation. Current levels still look to be towards the lower end of the recent rate. This week sees today’s NZ inflation number provide the NZ focus. Its benign composition highlights the RBNZ predicament and the .7% annual number was of limited impact.  In Japan the BOJ monetary policy meeting minutes on Wednesday will be watched, but should similarly be of limited impact.
  Current Level Support Resistance Last week's range
NZD/YEN 78.02 77.50 80.00 76.70 - 79.75

Friday 12th July 2:45PM (NZT) - Update
The NZDJPY spent the early part of the week continuing its recent appreciation. This was in large part thanks to Yen weakness. The pair traded a high of 79.75 before turning around, and since then its been mostly downside action. This has been thanks to weakness in the NZD on the back of soft Chinese trade data, and a rumour of a poor upcoming GDP number for China next week. The JPY has also found some relative strength after the Bank of Japan sounded more upbeat on the outlook for the economy after this week’s policy meeting. This came on top of news that the IMF had increased its growth forecasts for Japan. The key events for next week will be the inflation numbers out of New Zealand, and minutes from the BOJ meeting.
The current interbank midrate is:    NZDJPY 77.85

The interbank range this week has been:    NZDJPY 76.70 - 79.75
Tuesday 9th July 4:00PM (NZT)
The NZ dollar has made grinding appreciation over the Japanese YEN throughout the course of the last week. The stimulus for the rise is less than clear. Certainly the YEN has seen sustained pressure from the US dollar and this will have been a factor. The start of this week has seen a subsidence in fears surrounding Greece and Portugal and this will have also contributed. However the pair remains within the expected range. This week sees todays positive business opinion numbers the primary focus in NZ. The BOJ monetary policy announcement on Thursday rounds out the focus for the week, albeit no change to policy expected. Further gains for the NZD are not guaranteed, as any resurgence in risk aversion win the wider market would see its recent gains easily given up.
  Current Level Support Resistance Last week's range
NZD/YEN 78.90 77.50 80.00 76.90 - 79.03

Friday 5th July 2:45PM (NZT) - Update
The last two weeks have seen this pairing slowly march higher thanks in most part to weakness in the Yen. However, some relative strength in the New Zealand dollar last night has helped it leg higher once again and the pair now trades around 78.50. The move above resistance at 78.00 is a positive sign, and the focus is now on a test of 80.00. Whether we see that or not may be decided tonight after the US employment data which has the potential to shake things up. That aside, there is plenty for the market to focus on next week with current account data and the BOJ rate decision out of Japan, while in New Zealand we have business confidence and manufacturing index set for release.
The current interbank midrate is:    NZDJPY 78.23

The interbank range this week has been:    NZDJPY 76.84 - 78.63
Tuesday 2nd July 3:00PM (NZT)
After a long period of sideways trading, the NZDJPY pair started to slowly march higher around the middle of last week. That move has continued into the early part of this week, and the pair now trades just below 78.00. A good survey on business optimism out of Japan yesterday has done little to influence the price action, and a break above resistance at 78.00 would open the way for gains toward 80.00. There is little in the way of data out of New Zealand this week and Japan only has some second tier numbers scheduled for Friday. Before that we get a speech from BOJ governor Kuroda on Thursday, and Friday’s US employment numbers certainly have the ability to move the pair.
  Current Level Support Resistance Last week's range
NZD/YEN 77.60 76.00 78.00 75.08 - 77.14

Friday 28th June 3:15PM (NZT) - Update
After trading sideways in a very quiet range for much of the past 2 weeks, the NZDJPY has found a little bit life and is currently trying to rally. It’s near the top of its recent range around 77.00, and is threatening to break out. A move above here would open the way for a test of next resistance at 78.30. However a failure to overcome resistance around 77.00, will see the pair fall back into the now well-defined 75.00 - 77.00 band, for more sideways action.
The current interbank midrate is:    NZDJPY 77.10

The interbank range this week has been:    NZDJPY 75.08 - 77.14
Tuesday 25th June 3:20PM (NZT)
The last few days has seen more sideways action for this pair in what has been a surprisingly tight range. It seems unlikely this tight range will hold for too much longer with plenty of Japanese data out late this week. Household spending, inflation, retail sales and industrial production are all set for release out of Japan, while New Zealand gets readings on the trade balance and business confidence. Which way the pair will break remains to be seen, but with the broader trend down, the risks remain for further losses. The picture will quickly change however with sustained move above 77.50. That would be the first signal that a broader correction is underway with an initial target of 80.00
  Current Level Support Resistance Last week's range
NZD/YEN 75.65 75.00 78.00 75.08 - 76.82

Friday 21st June 3:45PM (NZT) - Update
With all the action in currencies over the past 48 hours you could be forgiven for expecting the NZDJPY to have had a big move. Both the New Zealand dollar and the Japanese Yen lost a lot of ground against USD. However, their losses have been relatively even and as a result this pair has traded sideways in directionless trade. So far this week the NZDJPY has been contained in a range of 75.00 - 77.00. The broader picture is one of a downtrend that is still in play. It will take a sustained move back above 77.50 to take the focus off the downside and signal the potential for further gains. Data to watch next week will be Japanese household spending, retails sales and unemployment. From NZ we get trade balance and business confidence.
The current interbank midrate is:    NZDJPY 75.73

The interbank range this week has been:    NZDJPY 75.08 - 76.99
Tuesday 18th June 3:30PM (NZT)
The last couple of days has seen the Japanese Yen take a bit of a breather from recent wild moves. This has translated to a NZDJPY cross that has tended to trade sideways between 75.50 and 77.50. This period of calm could well be shattered on Wednesday night, if the US Fed meeting sparks a big move in the US dollar. For the time being the NZDJPY is in the throes of a downtrend and another test of 74.50 can’t be ruled out. The first sign that a bottom may be in place and broader corrective rally could be under way, is if resistance at 77.50 is overcome. Until then the downside is the main focus.
  Current Level Support Resistance Last week's range
NZD/YEN 75.70 75.00 78.00 74.48 - 77.65

Friday 14th June 3:15PM (NZT) - Update
The Japanese Yen has been on a wild ride this week and that has flowed through into all its cross rates. The NZDJPY has been no exception, with a range of nearly 400 points. Big moves in Japanese stocks, like the 6% losses yesterday, have aided this volatility. The NZDJPY now trades below the level it was when the Bank of Japan announced its massive stimulus campaign back in early April. Trying to predict where it goes from here is a tough game, as it seems anything is possible. However, it does seem likely we should get some sort of correction higher in the pair as the Yen gives back some of its recent gains. After all, the Bank of Japan is embarking on one of the biggest money printing experiments in history! The only thing we can be sure of is there will be more big moves in the Japanese Yen, stocks and bonds. This ride is far from over.
The current interbank midrate is:    NZDJPY 76.60

The interbank range this week has been:    NZDJPY 74.48 - 78.38
 
Tuesday 11th June 3:20PM (NZT)
A combination of weakness in the New Zealand dollar and strength in the Japanese Yen saw this pair lose a lot of ground last week. At one point the cross was down over 6% in just a few days. The start of this week has seen a bounce from its lows and the pair now trades back over 78.00. The only thing that is certain is that we will continue to get more volatility in this cross. With rate decisions from both the BOJ and RBNZ this week there is plenty of potential for further large moves.
  Current Level Support Resistance Last week's range
NZD/YEN 77.75 76.00 79.00 75.83 - 80.74

Friday 7th June 5:15PM (NZT) - Update
The first half of the week saw the NZDJPY treading water in sideways trade around 80.20. That all changed in the last couple of days as weakness in the NZD and strength in the JPY combined to see the pair trade down to 77.40 last night. The JPY in particular got a massive shot in the arm last night on the back of a rumoured large USD sell order. Although the NZD benefited as well it was completely out performed by the Yen and the cross now trades at its lowest level in two months. Japanese stocks, bonds and the Yen are leading the way in the global pickup in volatility making it very difficult to predict price action. Any renewed weakness will open the way for a move to 75.50.
The current interbank midrate is:    NZDJPY 76.70

The interbank range this week has been:    NZDJPY 76.60 - 80.74
Tuesday 4th June 4:50PM (NZT)
Last week was a very interesting one for this pair. After some initial NZD demand to start the week, the NZD saw a material drop in demand as the economic news in the US undermined the higher yielding currencies. The theme of increased volatility has continued this week. Overnight the weaker than expected US economic data gave relief to the NZD and it recovered over 100 points from its lows. The pair looks to be establishing a new range having bounced off support at 79.50. This week sees little in the way of material economic data in either economy, so expect the lead to continue to come from the wider market.
  Current Level Support Resistance Last week's range
NZD/YEN 80.35 79.50 81.50 79.62 - 81.82

Friday 31st May 2:25PM (NZT) - Update
It has been a somewhat curious week’s price action for this pair. The recent increased volatility has continued, but within a relatively contained range. The NZD made sharp gains early in the week follow the positive Fonterra news, but the gains were quickly reversed as further weakness in the Japanese stock market saw renewed demand for YEN. Today’s Japanese inflation numbers offered the final focus for the week, and came in at expectation. Next week is devoid of any economic data of note in either economy, so the lead will again come from wider market sentiment. Expect the current ranges to remain in play for the coming week.
The current interbank midrate is:    NZDJPY 81.67

The interbank range this week has been:    NZDJPY 81.14 - 83.22
Tuesday 28th May 4:50PM (NZT)
Some choppy price action at the end of last week saw this pair spike down through the bottom of its recent range at 82.50 before staging a quick recovery. That bounce could not be maintained though, and the cross heads into this week firmly entrenched below the 82.50 level. This would suggest a retest of last week’s low at 81.15 is on the cards, however the UK and US holiday yesterday meant there was limited action and sideways trading has dominated the start of this week. Do expect this calm to last for long though. I suspect last week’s volatility across a number of market is a sign of things to come.
  Current Level Support Resistance Last week's range
NZD/YEN 82.42 81.00 83.00 81.15 - 84.11

Friday 24th May 3:00PM (NZT) - Update
Yesterday saw this pair pushed down through the recent support level at the bottom of its range over the last few weeks. We had seen a lot of trading between 82.50 - 84.50 over the last few weeks, but when 82.50 gave way there was a quick move down to 81.15. The pair only spent a few hours down there though before it moved just as sharply back up to 83.00. Volatile moves on Japanese stocks played a large part in the NZDJPY move, and it seems likely we can expect more of the same going forward. The quick recovery from its lows leaves the near term picture somewhat muddled. But for now at least, the risk will remain on further weakness with resistance at 84.50 a long way from being troubled. A sustained move lower will target 80.00, where the pair should find more support.
The current interbank midrate is:    NZDJPY 82.65

The interbank range this week has been:    NZDJPY 81.34 - 84.11
Tuesday 21st May 3:50PM (NZT)
This pair has seen more sideways action within the recently defined range of 82.80 - 84.80. Comments from Japanese officials signalling they are comfortable with the overall level of the Yen will help to cap further gains from the NZ dollar. The focus this week will be on the Bank of Japan(BOJ) monetary policy decision and monthly economic report, both of which could provide some volatility.  A break above 84.80 opens the way for a test of recent highs at 86.40, while a sustained break below 82.50 will could signal a move back to 80.00.
  Current Level Support Resistance Last week's range
NZD/YEN 83.86 82.80 84.80 82.78 - 84.52

Friday 17th May 4.40PM (NZT) - Update
The pair spent much of the week in ongoing sideways trade between 83.50 and 84.50. In fact if we widen that range to 82.50 -84.50, we see that has contained the pair for most of the last month and has become an increasingly familiar range. Weakness in the NZD today has seen 83.50 break, and it looks set to test lower in the near term. I would expect 82.50 to continue to provide support though with the broader picture of a weak yen still in play.
The current interbank midrate is:    NZDJPY 82.77

The interbank range this week has been:    NZDJPY 82.77 - 84.54
Tuesday 14th May 3:15PM (NZT)
The last month has seen this cross consolidating at relatively high levels. Sideways action between 82.50 and 84.80 has dominated recent price action. The longer term trend is higher, and that keeps the risk on a break of the top of that range. This would likely see a test of recent highs at 86.40. A sustained move back below 82.50 could signal a deeper correction towards key support at 79.80. But as long as the market is above this level, the focus is on the topside and further gains.
  Current Level Support Resistance Last week's range
NZD/YEN 84.20 82.80 84.80 82.80 - 84.68

Friday 10th May 2.40PM (NZT) - Update
The last three weeks has seen the NZDJPY chopping back and forth between 82.40 and 85.00 in some whippy trade. That range has held this week with the pair starting off around 84.80, touching a low of 82.90 before recovering back to currently trade near 84.60. The broader theme of YEN weakness is certainly in play, and dips in this pair should continue to find buyers. The risk must be for a break out of the top of the range, especially after the move in USDJPY early this morning. Japanese consumer confidence, GDP, and industrial production with provide the market with plenty to digest next week.
The current interbank midrate is:    NZDJPY 84.57

The interbank range this week has been:    NZDJPY 82.80 - 84.84
Tuesday 7th May 5:15PM (NZT)
Friday’s release of better and expected US employment data saw the JPY come under renewed selling pressure as a risk on appetite entered the market. It’s been all upside action for the NZDJPY rate since bouncing off support around 82.50 late last week, and it’s currently holding firm above 84.50. There is little in way of data out of Japan this week to change the current soft outlook for the Yen. NZ employment data is the only risk to what is otherwise a firm outlook for the cross. The pair is currently sitting just below resistance at 84.80, above which the way opens up for a test of recent highs around 0.8600. The downside is still supported around 82.50.
  Current Level Support Resistance Last week's range
NZD/YEN 84.17 82.50 84.80 82.35 - 84.85

Friday 3rd May 2.25PM (NZT) - Update
After some directionless trade that saw the NZDJPY drift up to 84.00 in the early part of the week, the pair took a dive as the NZD came under pressure in line with the AUD, and aided by a weaker dairy auction. That saw levels under 82.50 being tested until stronger US data last night triggered a bout of JPY weakness. This renewed JPY weakness has seen the NZDJPY cross move back above 83.00. Although further corrective pullbacks can’t be ruled out, any dips are likely to find support and as long as the pair holds above 80.00, the upside is firmly in focus.
The current interbank midrate is:    NZDJPY 83.30

The interbank range this week has been:    NZDJPY 82.35 - 84.09
Tuesday 30th April 4:15PM (NZT)
The broad range of 82.50 to 84.50 that has contained the NZDJPY for much of the past 2 weeks remains in play. A brief flurry up to 84.80 proving to be unsustainable, before the currency pair retreated back to more comfortable levels around 83.50. After a sharp move higher earlier this month this consolidation can only be healthy. It would seem likely that it is only a matter of time before resistance is tested again as dips remain well supported due to broad NZD strength and general JPY weakness on the back of very expansionary monetary policy.
  Current Level Support Resistance Last week's range
NZD/YEN 83.77 82.50 84.50 82.56 - 84.84

Tuesday 23rd April 6:15PM (NZT)
After having a relatively contained range for much of last week, the build-up to the G20 meeting last weekend saw the NZ dollar make solid gains against the YEN. However, the easy acceptance of the BOJ policies has combined with weak economic to start this week, and the NZD has all but given up it recent gains. Expect the support at 82.50 to offer some support and any further dips would likely see demand again pick up for the NZ dollar. This pair can expect to see continuing volatility as the opposing forces of lower global growth profile, and yield chasing demand battle for dominance in the short term.
  Current Level Support Resistance Last week's range
NZD/YEN 82.85 82.50 84.50 82.17 - 84.40

Friday 19th April 4:02PM (NZT) - Update
This pair recovered off the lows seen early in the week following widespread risk aversion. Since then the pair has surprisingly traded a narrow range, and the pair remains in the middle of a 81.50 - 83.50 range. Posturing ahead of the weekends G20 meeting could well have impacted on the market. The wider market risk aversion will provide the bulk of the lead ahead of Wednesday's RBNZ monetary policy statement next week. If equity markets remain uncertain, expect the NZD to have any upside moves tempered in the short term. The BOJ monetary policy meeting on Friday should not offer too much in the way of surprises, after the front loading of policy at the previous meeting. Inflation numbers will be watched, but obviously it is too early for the new monetary policy to be seen in these.
The current interbank midrate is:    NZDJPY 83.08

The interbank range this week has been:    NZDJPY 81.11 - 84.57
Tuesday 16th April 4:42PM (NZT)
This pair has seen considerable volatility over the course of the last week. The determined NZD demand early in the week drove the pair to the highest levels since 2007. However the pair did not last long at those elevated levels. Weak US and Chinese data, coupled with a dramatic fall in the commodities index and terror events in Boston, materially boosted demand for safe haven assets. Of course this had a dramatic effect on this pair as the NZD declined and the YEN jumped higher. So the pair remains at elevated levels, but well over 3% from its highs. The outlook remains uncertain in the short term. Certainly events will have to play out in the US and these will likely be of more impact than the benign NZ inflation numbers tomorrow.
  Current Level Support Resistance Last week's range
NZD/YEN 82.77 81.00 83.00 81.11 - 86.33

Friday 12th April 2:02PM (NZT) - Update
The incredible demand in the wider market has seen the NZD propelled again higher against the Japanese YEN this week. The move has been relentless albeit it has seen a of slowing momentum in recent sessions. There will likely be some sharp reversal at some stage, but it will no doubt prove to be brief as the YEN looks to be destined to remain under pressure in the medium term. Next week sees the Kuroda speeches on Monday provide initial focus ahead of the NZ inflation number on Wednesday. For those looking to sell YEN, loading orders at targeted levels offers a chance at buying NZ dollars at better levels than the current market offers.
The current interbank midrate is:    NZDJPY 85.89

The interbank range this week has been:    NZDJPY 82.40 - 86.36
Tuesday 9th April 4:51PM (NZT)
BOJ monetary policy initiatives last week have had a significant effect on this pair. The trend has been almost entirely in the NZ dollars favour since the aggressive announcement and it looks like this will continue in the short term at the least. There has to be some kind of pull back at some stage, but those looking to buy NZ dollars with YEN would be advised to load orders at targeted levels in order to have any chance at getting set, as any YEN strength will no doubt be short lived. There is little in the way of domestic economic data for this pair this week, so expect the lead to come from the varying international demand for the New Zealand interest rates, and general YEN performance, or under-performance as the case will likely be.
  Current Level Support Resistance Last week's range
NZD/YEN 84.29 82.50 84.50 77.92 - 84.30

Friday 5th April 4:28PM (NZT) - Update
This week for this pair has been squarely about the reaction to the aggressive BOJ front loading of monetary stimulation. Until the announcement the pair had traded a reasonable 78.00- 79.00 Ish range but following the announcement the first burst saw the pair stall at the resistance at 80.00 before pushing another full YEN higher to settle just above 81.00 around the current levels. Short term direct is uncertain, there will likely to flushes of YEN profit taking that will see it push the NZD back lower, but in the medium term the trend should be for a weakening YEN. The current Government and BOJ leadership have backed up talk with action and the next two years or so will be interesting to watch. Expect the sharp moves to taper off over the coming weeks, with an underlying theme of YEN weakness to play out in the coming months.
The current interbank midrate is:    NZDJPY 81.52

The interbank range this week has been:    NZDJPY 77.92 - .8152
Tuesday 2th April 4:00PM (NZT)
This pair has spent the last month trading within its now established 77.50 - 79.50 range. The NZD hit the highs for last week following the announcement of the increased payout forecast from NZ dairy giant Fonterra. However, the gains have proven short lived and the market seems to be covering "sold YEN" positions ahead of Thursday's BOJ monetary policy announcement. Significant policy easing is expected, and the risk remains that the new BOJ leadership under deliver and the YEN continues to strengthen. Those looking to transfer YEN into NZD should look at targeted levels, as the pair will see increased levels of volatility around the announcement, and possibly before.
  Current Level Support Resistance Last week's range
NZD/YEN 78.05 77.50 79.50 78.01 - 79.44

Tuesday 26th March 4:10PM (NZT)
It has been an interesting last week for this pair. Again the resistance at 79.50 has contained the NZ dollar appreciation. The NZD saw increased demand following the strong Q4 NZ GDP numbers. However, the gains have proven hard to  maintain as the general market risk aversion increased and concerns over the Cypriot bailout deal increased. Now the BOJ monetary policy next week will come into focus. There seems to be room for further YEN demand as investors exit sold positions ahead of the first announcement from the BOJ's new leadership team. Any further pull back from this pair is likely to present an opportunity to buy NZD at levels that may look good over the coming months.
  Current Level Support Resistance Last week's range
NZD/YEN 78.69 77.50 79.50 78.09 - 79.45

Friday 22nd March February 4:15PM (NZT) - Update
It has been interesting that this pair has been contained by a recently familiar 77.50 - 79.50 range this week. After starting on the lows of the week following the EU's Cyprus bank deposit levy proposal, the NZD has seen grinding appreciation for the most part. The positive jump and the GDT auction, large 4th Quarter NZ GDP and the positive Chinese manufacturing numbers enabled the move up to the resistance yesterday. The market was positioned for fighting talk from new BOJ Governor Kuroda, and scrambled to buy YEN when he was moderate at this first outing. Next week sees the Japanese economic data dominate the focus, in what should be an interesting next few months for those with interest in YEN pairs. Stubborn resistance at 79.50 should tame NZD appreciation in the short term.
The current interbank midrate is:    NZDJPY 78.99

The interbank range this week has been:    NZDJPY 77.51 - 79.45
Tuesday 19th March 3:58PM (NZT)
For the most part, the price action for this pair was relatively contained last week. Not even the weaker NZD demand following the RBNZ monetary policy statement offered much in the way of volatility. However, the Cyprus news over the weekend increased the wider markets uncertainty and this saw this pair open the week right on the support at 77.50. Since that gap lower over the weekend, the NZD has seen grinding appreciation as further information about the special circumstances in Cyprus comes to light. This week sees the European woes of primary focus. These will be watched alongside the 4th quarter NZD GDP number on Friday. Expect any further comments from the new BOJ leadership to be closely watched.
  Current Level Support Resistance Last week's range
NZD/YEN 78.92 77.50 79.50 77.47 - 79.86

Friday 15th March February 4:15PM (NZT) - Update
This pair has seen continuing volatility this week. Certainly the pair seems to have found a top for the time being in the approach to 80.00. Today's vote on the proposed BOJ leadership is important and potentially will impact price action in the coming hours, and set the tone for the action in the coming weeks. That aside the 78.00 - 80.00 range looks like it should contain the price action ahead of the 4th GDP NZ GDP number on Thursday next week. The Japanese trade balance next Thursday will also be closely followed.
The current interbank midrate is:    NZDJPY 78.85

The interbank range this week has been:    NZDJPY 78.40 - 79.86
Monday 11th March 4:01PM (NZT)
The NZ dollar saw steady appreciation against the YEN last week. This NZD out performance gathered pace in the wake of the BOJ monetary policy meeting, and was only curtailed after the strong US employment numbers on Friday. So the pair is back close to the elevated recent highs where previous legs of NZD appreciation have run out of steam. Certainly, current levels should increase the focus for those with interest in this pair. This week will see the central bank focus continue with the release of the BOJ's monetary policy meeting minutes. Thursday sees the RBNZ make their latest monetary policy statement and this is followed but testimony at Parliament from RBNZ Governor Wheeler.
  Current Level Support Resistance Last week's range
NZD/YEN 79.05 77.50 79.50 76.54 - 79.43

Friday 8th March February 4:00PM (NZT) - Update
The NZ dollar has seen renewed appreciation throughout this week. The GDT auction results underpinned demand for the NZD, and this coupled with the bias from the BOJ towards further monetary policy accommodation eased the way for NZD appreciation. Current levels are the highs for the week, and consolidation through the 78.50 level will enable a move higher to resistance at the 79.30-.50 level. This appreciation should prove harder fought than the previous NZ dollar gains. Today's current account and revised GDP numbers have been of limited impact, and the focus now turns to the RBNZ monetary policy statement next week. The BOJ monetary policy meeting minutes will be closely watched next week.
The current interbank midrate is:    NZDJPY 78.60

The interbank range this week has been:    NZDJPY 76.54 - 78.70

Tuesday 5th March 4:53PM (NZT)
The volatility has continued for this pair over the last week. The wider market risk aversion early last week saw the NZD under considerable pressure from a resurgent YEN. However, the pressure could not be maintained and increasing optimism saw the NZD demand finish strongly. With the pair back above the 76.50 level, look for the 76.50 - 78.50 range to contain the price action in the coming week. In the absence of NZ economic news this week, the lead will come from the BOJ monetary policy statement on Thursday. Looking at last week's price action, buying of NZD below 76.50 looks to offer good value for the time being.
  Current Level Support Resistance Last week's range
NZD/YEN 77.16 76.50 78.50 75.27 - 77.37

Friday 1st March February 4:33PM (NZT) - Update
The volatile ride continues for this pair. The increased risk aversion following the Italian elections simultaneously undermined the NZD, and boosted the YEN demand and this has seen the YEN take back some of its recently lost ground. The interesting times will continue as the painfully slow process to introduce new leadership at the BOJ takes place. Given the recent policy announcements, any material strengthening of the YEN back towards more historically average levels seems unlikely in the short term at least. The BOJ monetary policy meeting on Thursday, and current account and final GDP revisions Friday will provide the primary focus for the week ahead.
The current interbank midrate is:    NZDJPY 76.68

The interbank range this week has been:    NZDJPY 75.25 - 79.22
Tuesday 26th February 3:53PM (NZT)
It was again an interesting week for this pair, with the increased uncertainly continuing in Japan, and  RBNZ Governor Wheeler making verbal intervention against the elevated level of the NZ dollar. However, the weeks price action was passive compared to the markets demand for YEN following the inconclusive election results in Italy. The knee jerk reaction to buy the safe haven YEN saw investors scramble to cover “sold YEN” positions. This pair saw a move higher from the YEN in excess of 3% in a very short space of time. There has been a subsequent bounce from the NZD as the market settled, to the tune of around 1%. Direction from the current levels remains unclear, but it potentially may see the NZD grind higher to take back further lost ground. The former support at 77.50 will be the initial target for NZD moves higher.
  Current Level Support Resistance Last week's range
NZD/YEN 77.24 76.50 78.50 76.30 - .7935

Friday 22nd February 4:59PM- Update
This pair finally seems to be fining a trading range, after the sustained period of YEN weakness. This week has seen the YEN demand materially return as the RBNZ Governor chose his words wisely, and the wider market risk aversion increased thanks to some weak economic news in Europe, and fears in China of a tightening to monetary conditions. The pair has established a short term range of 77.50 - 79.50, though it remains to be seen if It remains in place for any period of time. There is still lots of economic-political noise to come from Japan in the coming weeks, so expect direction to remain unclear. Certainly current levels offer good value relative to the top end of this recent range, albeit a good idea to stagger transfers involving YEN in the current environment.
The current interbank midrate is:    NZDJPY 77.92

The interbank range this week has been:    NZDJPY 77.41 - 79.49
Tuesday 19th February 3:50PM (NZT)
This pair continued its volatile recent trend last week. The choppy price action is driven mostly by uncertainty on the Japanese side of the equation. Certainly the positive NZD retail sales numbers provided increased demand for the NZD, but there were other influences at play also. The prospect of a new Governor at the BOJ is seeing the prospective Governor candidates dominate the news wires. Free flowing comments from officials and the G20 meeting added to the mix. The upshot of which is that new PM Abe will be able to pick a candidate that will ensure his stimulatory plans are certainly progressed. Expect the YEN to remain weak in the coming months, but to what extent we see further weakness is uncertain. This week sees the RBNZ Governor Wheelers speech tomorrow dominate the NZ focus. In Japan, tomorrow trade balance numbers provide the soul data focus, but further statements from officials are more than likely.
  Current Level Support Resistance Last week's range
NZD/YEN 79.01 77.50 79.50 78.22 - 79.58

Friday 15th February 4:10PM- Update
The Japanese YEN has remained under pressure this week. This pressure coupled with periods of significant NZD demand has seen the pair again push to new highs for this move. The momentum does look to be waning somewhat and even today's impressive NZ retail sales numbers were not enough to push the high set earlier in the week. The G20 meetings this weekend may have some bearing on the price action in the immediate term, as the YEN is likely to be on the agenda. Next week will see the BOJ minutes, and RBNZ Governor Wheeler's speech of partial focus, with the remainder of the lead coming from the wider market.
The current interbank midrate is: NZDJPY 78.65
 
The interbank range this week has been: NZDJPY 77.08 - .79.58

Tuesday 12th February 5:50PM (NZT)
The YEN is finally starting to look like the weakening momentum maybe waning. A decent scramble to cover sold YEN positions was seen following politically motivated comments from the Japanese Finance Minister that the YEN weakness had happened too quickly. Expect this type of clean out to continue to happen from time to time before the market again corrects itself. The lows for the week were brief to say the least. The YEN saw further pressure overnight as "jaw-boning" from potential BOJ Governors undermined the YEN once again. The BOJ monetary policy announcement comes ahead of the NZ retail sales number on Thursday to provide increased focus.
  Current Level Support Resistance Last week's range
NZD/YEN 78.75 77.00 79.00 77.08 - 79.30

Tuesday 5th February 6:10PM (NZT)
The NZD saw further gains against the widely pressured Japanese YEN last week. The reversal of general market risk appetite in the offshore session yesterday has pushed the NZD down from its peak, but the market feeling remains that the YEN will continue to see supply in the coming months. This week will see the general market risk appetite provide the lead ahead of the 4th quarter NZ employment numbers on Thursday. Of note is the increasing political pressure on Japanese authorities from the international community with regards to their debasing of the YEN. The “currency wars” debate is likely to increase in the coming weeks, especially if the EURO resumes its appreciation that has already seen in excess of 20% appreciation against the YEN since November.
  Current Level Support Resistance Last week's range
NZD/YEN 77.73 76.50 78.50 75.55 - 78.53

Tuesday 29th January 4:55PM (NZT)
The volatility continues for this pair. The majority of the movement is coming from the ebbs and flows in demand for the YEN. The YEN actually saw demand following last week’s BOJ announcement, however the strength did not last. It looks likely that further NZD appreciation will occur overtime as the Japanese are committed to undermining the relative YEN strength, albeit the volatility will also likely continue. This week’s focus will from the daily release of 2nd tier economic numbers in Japan, and the RBNZ monetary policy announcement on Thursday.
  Current Level Support Resistance Last week's range
NZD/YEN 76.04 74.50 76.50 74.14 - 76.32

Tuesday 22nd January 3:55PM (NZT)
The momentum for this pair has finally started to wane as the BOJ announcement lurks for later on today (Tuesday).  Direction from current levels remains unclear in the short term. Anything less than complete action from the BOJ will likely see a rush back into YEN, after such YEN depreciation in the last month. Loading orders at targeted levels on this pair is encouraged for this pairing as it seems likely that the increased volatility will continue in the coming months at least. The BOJ and new initiatives from the Japanese Ministry of Finance will dominate the lead for this pairing in the short to medium term.
  Current Level Support Resistance Last week's range
NZD/YEN 74.80 73.50 75.50 73.61 - 75.70

Tuesday 15th January 4:55PM (NZT)
The NZ dollar demand coupled with new Japanese Yen undermining policies have seen the NZD appreciate by over 5% against the YEN since the new year. Progress from the current levels should be a little harder fought given that the NZD weakness seen on Friday should slow momentum to a degree. Today’s positive news from the NZIER survey may see the pair move up towards the resistance at 75.50. With so much Japanese policy yet to become action, just how quickly the expected YEN weakness with further emerge remains the question. In markets such as these, dollar cost averaging is a strategy that should be investigated. The NZ inflation number on Friday will be closely watched, but should be of little material impact.
  Current Level Support Resistance Last week's range
NZD/YEN 74.85 73.50 75.50 72.65 - 75.46

Tuesday 18th December 2012 5:10PM (NZT)
The NZD posted further impressive gains against the beleaguered Japanese YEN last week. The weekend polling result saw the pair open even higher again and set highs not seen since September 2008. Since then we have seen profit taking, and this has pushed the pair back from the highs. The focus for the remainder of the week in NZ is the current account data tomorrow, and the GDP numbers on Thursday. In Japan, there will be intense focus on the BOJ monetary policy decision on Thursday. A move towards more aggressive easing programs would likely see some immediate weakness from the YEN. In the meantime, it seems like we will see the pair consolidate at the recently elevated levels.
  Current Level Support Resistance Last week's range
NZD/YEN 70.91 69.50 71.50 68.74 - 71.44

Tuesday 11th December 2012 3:45PM (NZT)
It is going to be a very interesting week for this pair. The last week has seen the pair reach the highs for the year as the dual forces of weak YEN ahead of the election and BOJ next week, teams with a scramble to cover “sold NZD” positions by investors following the RBNZ monetary policy statement. The focus this week and next will almost entirely be on the situation in Japan. Expect the YEN to remain weak as the pressure builds on the BOJ to dramatically add to the already large stimulus package (read : weaken the YEN at all costs). This trend will likely continue in the short term at least. But given the nature of the recent moves, sharp corrective moves may provide opportunities for the patient with limit orders in the market.
  Current Level Support Resistance Last week's range
NZD/YEN 68.75 67.00 69.00 67.37 - 68.81

Monday 3rd December 2012 4:52PM (NZT)
This pair saw further volatile trading last week. The pair was unable to make a consolidating break of topside resistance at 68.00, and looks to have established a 67.00 – 68.00 range for the time being. Given the noise surrounding the upcoming Japanese election, it would be surprising if last weeks range contains this week’s price action. The RBNZ monetary policy announcement of Thursday provides a focus. It seems unlikely the pair will test the downside unless the NZD is dragged lower by some materially worse than expected AUD economic news.
  Current Level Support Resistance Last week's range
NZD/YEN 67.56 66.00 68.00 66.97 - 68.09

Tuesday 27th November 2012 4:44 PM (NZT)
The NZ dollar saw further appreciation against the beleaguered YEN throughout the course of last week. However, after setting new highs on Monday, the YEN has seen some demand driven by profit taking from investors for the most part. With the polls continuing to point towards LDP party success on at the December 16th election, the overall trend towards a weaker YEN should remain in place. This will likely see intermittent periods of profit taking demand, but these should prove to be short lived. With little in the way of economic news this week or next in Japan, the election campaigning will continue to provide the focus. In New Zealand on Thursday the business confidence numbers will be closely watched, and next week the RBNZ monetary policy announcement is the primary domestic focus.
  Current Level Support Resistance Last week's range
NZD/YEN 67.44 66.00 68.00 65.95 - 68.09

Tuesday 20th November 2012 3:56 PM (NZT)
The NZ dollar has seen pretty constant demand against the YEN throughout the last week. Not even the demonstrably poor Q3 NZ retail sales number could stem the momentum. The monetary stimulation numbers being talked about in the run up to the December 16th election are huge, and the YEN should remain under pressure in the short term at the very least. No doubt there will be a bounce from the YEN at some stage, but exactly when will be hard to pick. The pairs appreciation has stalled at the significant resistance at 66.75 and that remains the target in the short term. Expect little from the BOJ monetary policy meeting this week, as there is no chance of change ahead of the election.
  Current Level Support Resistance Last week's range
NZD/YEN 66.44 64.75 66.75 64.62 - 66.77

Tuesday 13th November 2012 4:55 PM (NZT)
This pair saw quite a dramatic turnaround of its recent form last week. The dual forces of increased risk aversion following the Obama election win, and the dramatic increase in the NZ unemployment rate drove the move. Yesterday’s Japanese GDP number and following Shirakawa comments have stemmed the tide and seen the NZ dollar start to grind back to recover some of its lost ground. Expect the pair to be contained by the downside support at 64.30 in the short term at least. Appreciation may also prove a little difficult as well, given the current sentiment over hang being provided by the US fiscal situation. The pair seems comfortable back close to the middle of a range where is has spent a majority of the last three months.
  Current Level Support Resistance Last week's range
NZD/YEN 64.80 64.30 66.30 64.25 - 66.74

Entries previous to this have been deleted as there are time sensitive and lose value as time progresses. Please refer to our charts page for price action on a historical basis. The chart page can be seen here : http://www.directfx.co.nz/CurrencyChart.html