Source: PaxForex Premium Analytics Portal, Fundamental Insight

New Zealand Permanent/Long-Term Migration for March came in at 1,177. Forex traders can compare this to Permanent/Long-Term Migration for February, reported at -937. External Migration & Visitors for March increased 517.0% monthly. Forex traders can compare this to External Migration & Visitors for February, which decreased 1.2% monthly.

New Zealand Food Prices for April increased 0.1% monthly. Forex traders can compare this to New Zealand Food Prices for March, which rose 0.7% monthly. New Zealand Inflation Expectations for the second quarter increased by 3.30% quarterly. Forex traders can compare this to New Zealand Inflation Expectations for the first quarter, which rose 3.30% quarterly.

The Preliminary Japanese Current Account Balance for March came in at ¥2.549T, and the Preliminary Japanese Adjusted Current Account Balance at ¥1.560T. Forex traders can compare this to the Japanese Current Account Balance for February, reported at ¥1.648T, and the Japanese Adjusted Current Account Balance at ¥0.520T. Japanese Bank Lending for April increased 0.9% annualized. Forex traders can compare this to Japanese Bank Lending for March, which rose 0.5% annualized.

Foreign Buying of Japanese Bonds for the period ending April 30th came in at -¥823.1B, and Foreigners Buying of Japanese Stocks at ¥81.2B. Forex traders can compare this to Foreign Buying of Japanese Bonds for the period ending April 23rd, reported at -¥1,155.6B, and to Foreigners Buying of Japanese Stocks at ¥595.1B.

The Japanese Eco Watchers Survey Current Index for April came in at 50.4, and the Japanese Eco Watchers Survey Outlook Index at 50.3. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for March, reported at 47.8, and the Japanese Eco Watchers Survey Outlook Index at 50.1.

The forecast for the NZD/JPY remains bearish after this currency pair moved below its Ichimoku Kinko Hyo Cloud, which turned sideways with rising bearish momentum. Adding to downside pressures are the descending Kijun-sen and Tenkan-sen following a bearish crossover. Volatility is likely to increase with the CCI in extreme oversold territory. Traders should monitor this technical indicator for a false breakout, which will offer a selling opportunity. Can bears continue to pressure the NZD/JPY into its horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.

Should price action for the NZD/JPY remain inside the or breakdown below the 80.250 to 81.450 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 80.950
• Take Profit Zone: 77.200 – 78.050
• Stop Loss Level: 82.300

Should price action for the NZD/JPY breakout above 81.450, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 82.300
• Take Profit Zone: 83.300 – 84.100
• Stop Loss Level: 81.450

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