The NZDJPY has been a mess lately. There’s no other way to say it. But despite the somewhat incoherent price action over the past eight weeks, the pair remains near the top of my watch list for next week.
Why is that?
Partly because of the yen effect that is already playing out across the USDJPY, GBPJPY, and AUDJPY. Even the stubborn EURJPY is beginning to feel the impact of a stronger safe haven bid.
I’ve previously written about the way the yen pairs tend to follow each other as risk aversion intensifies.
While we’re by no means in a full tilt risk off environment, it does appear that market participants are once again beginning to consider protection via the Japanese yen.
Daily Price Action
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