• The New Zealand dollar falls on risk-off market mood against the safe-haven JPY.
• On Monday’s overnight session for North American traders dropped 100-pips.
• NZD/JPY is downward biased after failure at the 100-DMA, which spurred a fall of more than 150 pips. 

The NZD/JPY slides for the second consecutive day courtesy of a risk-off market mood spurred by increasing geopolitical tensions between Russia and Ukraine, down 0.35%. At the time of writing, the NZD/JPY is trading at 76.40.

During the overnight session for North American traders, the NZD/JPY plunged close to 100-pips, towards 75.80, as the headline news of the Russian invasion of Ukraine, which dampened the market mood near last Friday’s close, caught Asian and European traders on the weekend. That said, the NZD/JPY reached a daily high at 76.86, followed by a fall towards 75.87.

NZD/JPY Price Forecast: Technical outlook

The NZD/JPY is downward biased from a technical perspective, sponsored by the daily moving averages (DMAs) residing above the spot price. That, alongside the failure of a daily close above the 100-DMA on February 10 at 78.37, exacerbated selling pressure on the NZD/JPY, threatening to push prices near August 2021 to swing low at 74.56.

Therefore, the NZD/JPY path of least resistance is tilted downwards. The cross-currency first support level would be the February 14 low at 75.87. Breach of the latter would expose February 3 daily low at 75.58, followed by January 28 pivot low at 75.23, and then the August 2021 swing low at 74.56.