NZD/JPY Price Analysis: Pair rises within channel, bearish crossover may signal decline

NZD/JPY price up in Tuesday's session, mildly rose to 91.65.
The pair rose some but stayed in a trading channel from 92.00 and 91.00.
RSI displayed growing buying pressure, while MACD showed flat selling pressure during the past price action.

Patricio Martín FXStreet

The NZD/JPY rose mildly to 91.65 in Tuesday's session. The pair saw some gains but remains stuck in a clear trading channel between 92.00 and 91.00. A bearish crossover, about to be completed between the 20 and 100-day Simple Moving Average (SMA) might push the pair lower.

Despite rising Relative Strength Index (RSI) buying pressure and flat Moving Average Convergence Divergence (MACD) selling pressure, overall momentum seems to be mixed. The pair’s latest price action formed a neutral candlestick pattern, following negative and positive candles, suggesting indecisiveness in trend.This suggests that the overall market sentiment is neutral, with neither buyers nor sellers holding a clear advantage. However, the potential bearish crossover between the 20 and 100-day SMAs could signal a potential decline in the pair's value.

Traders should monitor the boundaries of the mentioned channel to gauge the pair's future direction as well as the pending bearish crossover for potential losses.

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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.