The RBNZ is the most bullish major central bank. Exports up, GDP projected to grow, unemployment at multi year lows, house prices high, inflation at multi year highs, the RBNZ voicing desires for a stronger NZD and projected to hike to 2.6% by December 2023. This was brought forward from Q1 2024 at the last meeting.
So, the recent bids into the JPY on Omicron fears have pushed the pair lower. However, if Omicron fears go and there is no disorderly move in the bond market then NZDJPY should rip higher. If you don't want to keep buying the dip you can always just go with a trend line break higher
