NZD/JPY is a classic global macro 'risk off' trade and it's doing exactly what you would expect as the mood worsens today.
The pair fell through 76.00 to the worst levels since August.
More importantly, it's breaking through a double bottom at the December lows today and if we close below, it will open up a gap in technical support down to 74.60.
There's also a head-and-shoulders top that threatens a fall as low as 71.00.
The fundamental side is focused on the potential for war in Ukraine at the moment but there's also the possibility of omicron shutting down China and derailing growth there, along with global growth. Cases continue to rise in Beijing and we're now 11 days from the Olympics.
