NZD/JPY Price Analysis: Bullish outlook prevails, resistance test ahead
- NZD/JPY has been trading sideways recently, with a slightly bullish outlook.
- RSI is in the positive area and rising, MACD is flat and green.
- A breakout above 92.50 could confirm further upside potential.
The NZD/JPY pair resumed its upward trajectory on Monday, gaining 0.15% to 91.25. Since early October, the pair has been trading in a narrow range, consolidating the gains from last month but the 20,100 and 200-day Simple Moving Averages (SMAs) seem to be converging towards the 92.50 which could signal that a test of that level may be on the horizon.
The Relative Strength Index (RSI) is in the positive area and rising, indicating that buying pressure is strong. The Moving Average Convergence Divergence (MACD) is flat and green, suggesting that buying pressure is steady.
The price action has been contained within a narrow range, and the pair has not made any significant upward or downward spikes. The technical outlook remains bullish, and a breakout above 92.50 could confirm further upside potential. Supports are seen at 90.00, 90.50, and 91.00, and resistances at 91.50, 92.00 (20,100 and 200-day SMA convergence), and 92.50.
NZD/JPY daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
