NZD/JPY Price Analysis: Records a new YTD high at 84.53

• The NZD/JYP, a risk barometer in the FX space, is up by almost 8.5% in the month.
• Asian equity futures point to a higher open, underpinning the NZD/JPY pair.
• NZD/JPY Price Forecast: Upward biased, above 83.00; otherwise selling pressure might push the pair lower.

The New Zealand dollar extends its rally, reaching a new YTD high at 84.53 vs. the Japanese yen, amid an upbeat market mood, which favored one of the risk-barometers in the FX space, the NZD/JPY pair. As the Asian Pacific session is about to begin at the time of writing, the NZD/JPY is trading at 84.44.

US stock indices finished Tuesday’s session in the green, reflecting an appetite for riskier assets. Meanwhile, Asian equity futures are recording gains ahead of the Asian open.

Overnight, the NZD/JPY pair braced to the 50-hourly simple moving average (SMA) around 82.13, jumping towards the 83.00 mark. Once the European session kicked in, the cross-currency pair breached the 84.00 barrier, though late in the North American session, the NZD/JPY registered the new YTD high at 84.31.

NZD/JPY Price Forecast: Technical outlook

From a daily chart perspective, the NZD/JPY is upward biased. However, to further find new support/resistance levels, an analysis of the weekly chart is needed.

Upwards, the NZD/JPY first resistance would be 85.00. Once cleared, the next resistance would be the 86.00 mark, followed by April 2013 cycle highs around 86.41.