NZD/JPY Price Analysis: Bulls await near-term break, neutral outlook
|- NZD/JPY continues to trade within a range, just below 91.00.
- RSI retreats towards 50, MACD flat, indicating neutral momentum.
- A decisive breakout above 91.00 could extend gains toward 92.00.
The NZD/JPY pair pulled back on Monday, declining by 0.80% to 90.70, but it continues to side-ways trade between 91.00 and 90.00.
The Relative Strength Index (RSI) is currently at 53, which is in the positive area. However, the RSI has been declining sharply, which suggests that buying pressure is declining. The MACD is currently flat and green, which suggests that buying pressure is flat and that there is no clear trend in the pair.
The NZD/JPY pair has been trading within a range for the past seven sessions, after an upwards spike on October 2. The pair is currently trading around 90.70, near the middle of the range. Support levels are seen at 90.30, 90.15, and 90.00, while resistance levels are at 91.00, 91.50, and 92.00. In the short-term, the outlook seems to be neutral, but as the pair trades below the 100 and 200-day Simple Moving Averages (SMA) it paints the trend with bearishness.
NZD/JPY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.