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Thinking of trading NZDJPY?

    1. Due to its lack of direct relation to the USD, this pair is called a cross-rate currency. It is then, a breath of fresh air for traders that want to stay away from dollar related economic events. 2. Japan's economic growth relies on the commodity prices such as the importation of crude oil and natural gas. In 2014, Japan was the 4th biggest importer of crude oil. Historically, it is demonstrated that there is a direct correlation between the yen and the global energy prices. Meaning that when the energy prices drop so does the yen, and vice versa.
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This is the quote used for the New Zealand Dollar and the Japanese Yen exchange rate. NZD ir the 'base currency' and it is quoted in terms of JPY, the 'counter currency'. This denotes how many Japanese yen you need to buy one New Zealand dollar. The Japanese yen was introduced by the Meji government in 1971 whilst the New Zealand dollar substituted the pound in 1967. Even though the physical proximity between the two countries, their trade relationship is not even ? of the one between New Zealand and China. As of 2019 New Zealand exported goods to Japan amount to 210 NZD Million compared to 800 NZD Million to China. China and Australia are both important trade partners for New Zealand and Japan, any changes in the GDP of the countries will have a significant impact in the pair's direction.Historically, it is demonstrated that there is a direct correlation between the yen and the global energy prices. Meaning that when the energy prices drop so does the yen, and vice versa.

1. The following economic indicators are worth noting down: Interest rate decision from the RBNZ, the GDP of both nations, CPI of both countries, the Producer Price Index, employment changes, trade balance and several political events such as trading news with Australia or China will help the trader make educated decisions. 2. Something particularly special about trading any pair tied to the JPY is the fragility of their currency price to natural disasters, oil prices and manufacturing demand. Paired with the fundamental analysts and events such as the Dairy Index and Tourism make of this pair something quite extraordinary to trade.