- NZD/JPY mildly rose to 89.30, testing the 20-day SMA.
- The RSI is near 50 while the MACD shows flat green bars, signaling that the momentum is sideways.
- A jump above the 20-day SMA would confirm a bullish outlook.
The NZD/JPY pair gained ground in Friday's session, climbing to 89.30. The uptick follows side-ways movements during the week, but the pair could be ready for a change of trend.
The Relative Strength Index (RSI) is hovering near 50, indicating that the pair is near neutral territory. If the RSI can move above 50, it could signal a potential shift in market sentiment. The Moving Average Convergence Divergence (MACD) shows flat green bars, indicating that the momentum is sideways. The positive divergence between the RSI and MACD shows that the selling pressure is being pressured by the buying force and it is possible that, if this holds, the pair can see upside movements in the next sessions.
The NZD/JPY pair has bounced off the support level of 88.50 and is currently challenging the 20-day SMA. If the pair continues to rise, it could find resistance at 0.8970 and 0.9000. On the downside, support can be found at 0.8900, 0.8880, and 0.8840. A sustained break above 0.8970 could signal a continuation of the uptrend, while a break below 0.8840 could signal a continuation of the downtrend. The volume has been declining during the last few sessions, which is a sign of neutrality.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Next upside target comes at 0.6550
AUD/USD managed well to shrug off the marked advance in the Greenback as well as geopolitical tensions, regaining the area above the 0.6500 hurdle ahead of preliminary PMIs in Australia.
EUR/USD: Further losses now look at 1.0450
Further strength in the US Dollar kept the price action in the risk-associated assets depressed, sending EUR/USD back to the 1.0460 region for the first time since early October 2023 prior to key releases in the real economy.
Gold faces extra upside near term
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.