NZDJPY is one of the pairs pair that has a strong correlation to equities. Nikkei and DAX are +92/90 correlated to NZDJPY and that is extremely high correlation, so they are moving in the same direction. Most important Yen crosses ( USDJPY, AUDJPY, NZDJPY) are an excellent Risk ON/OFF indicator. As the lending rate of one currency increases relative to another, investors are attracted to the higher yielding currency.
Technically NZDJPY is bullish but we see an inner trend line that has been broken with H4 perfectly aligned with previous swing. If we see H1 momentum above or H1 close above H4 camarilla pivot, the pair can make a bullish breakout to H5 and that is 77.54. If we see a pullback towards 75.64-80 zone (previous breakout point, bullish order block (A), 50.0,L5) the price could spike from POC towards 76.34 (L3), and further towards the H3 – 76.86. market is currently calm ( as expected ) so we might expect volatile session later during the day. We may expect a movement just before, during Draghi Speech today or after.