If you like technical analysis, you’ll love the NZD/JPY chart:

NZDJPY technical analysis Feb 10

NZD/JPY daily chart

The pair tumbled 600 pips from the cycle high of 87.48 down to 81.43 but the fall was ended almost precisely at the 200-day moving average. NZD/JPY then bounced and is now flirting with the convergence of the 21-day and 51-day moving averages in the 85.00/20 zone.

This pair was an early-warning signal about the turmoil in the latter half of January, it preceded the broader risk rally by rebounding Tuesday and whether or not it breaks those technical levels could be an equally valuable signal this time around.