• NZD/JPY takes the bids to refresh daily high on RBNZ’s 0.50% rate lift.
• Clear break of 50-HMA, bullish MACD and sustained trading beyond fortnight-long support line favor buyers.
• Weekly ascending trend line challenges further recovery moves.

NZD/JPY posts stellar gains around 82.35 after the Reserve Bank of New Zealand’s (RBNZ) rate hike worth 50 basis points (bps) during the mid-Asian session on Wednesday.

Also read: NZD/USD rallies towards 0.6500 as RBNZ announced 50 bps rate hike

In doing so, the cross-currency pair not only crosses the 50-HMA to renew daily tops but also extends the run-up beyond a two-week-old ascending trend line. That said, firmer RSI and MACD signals also keep NZD/JPY buyers hopeful.

It’s worth noting that the latest rally eyes an upward sloping resistance line from May 17, close to the 83.00 threshold.

However, any further upside appears difficult as multiple bottoms marked during late April and early May will challenge the NZD/JPY bulls around 83.35-40.

Meanwhile, pullback moves remain elusive until staying beyond the immediate support line, near 81.45 by the press time.

Following that, the 80.00 psychological magnet and the monthly low of 79.45 will gain the NZD/JPY bear’s attention.

NZD/JPY: Hourly chart

Trend: Further upside expected