I think that the pair NZDJPY is topping now and it may take one, two, three or more months (I don't know)! (see the chart below).

NZD is strong now, especial against AUD, CAD and JPY. Some factors affect to NZD strength: dairy price (negative), monetary policy (neutral), domestic growth (positive). RBNZ has changed monetary policy stance from hawkish to neutral. WHAT NEXT? can the RBNZ change stance to dovish? I'm watching closely on CPI (heading and expectation in medium term), dairy price and housing market.

JPY is neutral in my view! About monetary policy: BOJ is continue easing but JPY is also known as save-haven currency.when global economic is in trouble.

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