As the North American session ends, the NZD/JPY moves up by 0.25%.

Market sentiment is negative as US equity indexes ended in the red.

NZD/JPY's upward movement stalled at 200-DMA. However, NZD bulls are still in control.

After inflation in the US reaches 7.5%, the NZD/JPY falls from its weekly tops. This causes a sell-off of US equity markets and a market mood that is risky. The NZD/JPY trades at 77.41 as of this writing, despite the above.

Financial markets were volatile during the North American session. The US Labor department reported that there were high elevated prices. This increased the likelihood of the US central banking raising its 50-bps rate. Initially, the US Dollar Index (a measure of the greenback's worth against its peer) shot through the roof. Then, it fell to 95.40 for a 0.2% loss.

The DXY recovered to 95.60 in the final hour. This was in line with higher US Treasury yields. The 10-year benchmark note at 2.052% is leading the charge, which represents a twelve-basis point gain.

NZD/JPY Forecast. Technical outlook

These factors aside, NZD/JPY broke initially higher, but it stalled at the 200 day moving average (DMA), at 77.98. Then, it dropped to the February 9th daily high, at 77.30.

The 200-DMA at 77.398 would provide the NZD/JPY's first resistance. Brute of this would expose the 100 DMA at 78.36 and the January 5 swing high, which are both at 79.22.

The NZD/JPY's first support is 77.30. The 77.00 level would become the next support, followed by the daily low of 76.65 on February 9.