NZD/JPY Price Analysis: Bulls consolidate control, must hold 90.00
- NZD/JPY snaps a seven-day streak and consolidates above 90.00.
- RSI holds near 60, indicating bullish momentum; MACD flat, suggests flattening buying pressure.
- Bulls target resistance at 91.00, breakout could extend gains.
The NZD/JPY pair, after posting a 0.20% drop on Wednesday, continues to consolidate above the 90.00 mark. The bulls are holding on to their control of the market, with the technical indicators indicating a still-bullish outlook. The Relative Strength Index (RSI) currently stands at 60, suggesting that buying pressure persists. On the other hand, the Moving Average Convergence Divergence (MACD), a momentum indicator, is showing flat green bars, which points to a flattening of buying pressure. Overall, the NZD/JPY outlook remains positive, with the bulls looking towards a potential breakout above the 91.00 mark.
Since mid-September, the cross tallied a seven-day winning streak which improved the short-term outlook as it positioned the pair above the 20-day Simple Moving Average (SMA). With the buying pressure weakening the pair could find support at 90.00, 89.30, and 89.00 as well as resistance levels at 90.50, 90.80, and 91.00.
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.
