RBNZ and the NZDJPY Dip

Interesting to see the $NZDJPY sliding a bit today, currently sitting around 93.21. With the RBNZ coming out a touch more hawkish than some had anticipated yesterday, raising rates to 5.50% and signaling they're done for now, you'd think we'd see a bit more strength against the JPY, especially with the Bank of Japan still firmly in the dovish camp. Guessing a lot of that RBNZ hawkishness was already priced in, and now we're seeing a classic 'buy the rumor, sell the news' kind of unwind.

I'm not jumping into any fresh positions here, but it's certainly got my attention for the watchlist. If we see a solid hold around the 93.00 level, or even a push back towards the prior day's high of 93.57, it might suggest this dip is just some profit-taking. On the flip side, a clean break below 93.00 could open up a more significant move south, perhaps towards 92.50. Still eyeing those rate differentials, but sometimes the market just wants to take a breather.