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.

Patricio Martín FXStreet

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

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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