At today’s Reserve Bank of New Zealand (RBNZ) policy meeting, it’s expected that the interest rate will be cut by 0.5%. However, the market has already accounted for this. Since the RBNZ won’t meet again until February after the November meeting, if they signal another 0.5% rate cut in November, selling pressure on the New Zealand dollar (NZD) is likely to increase further. There is a chance that a double top (a bearish chart pattern) has formed around 92 yen, and if the price falls below 90 yen, it could eventually aim for the neckline around 86 yen.
NZD/JPY expected range: 93.00 yen to 90.30 yen (38.2%, BB lower band).
Note: The above information does not guarantee profit, so please make your own decisions when trading.