NZD/JPY Price Analysis: Pair stabilizes but remains below key resistance

NZD/JPY rises 0.18% on Monday, trading near 85.75 after recent losses.
Technical indicators point to a fragile recovery, with momentum still favoring the downside.
The pair remains well below the 20-day SMA at 87.50, limiting upside potential.

Patricio Martín FXStreet

The NZD/JPY pair edged higher on Monday, gaining 0.15% to trade around 85.75, but its broader bearish trend remains intact. Despite the mild rebound, the pair continues to struggle below key resistance levels, with sellers keeping control in the bigger picture.

Technical readings suggest a tentative recovery but with downside risks still present. The Relative Strength Index (RSI) has risen to 36, indicating a slight improvement in buying interest, though it remains in negative territory. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is printing rising red bars, reinforcing that bearish momentum is not yet fully exhausted.

For the pair to establish a more constructive outlook, a move above the 20-day SMA at 87.50 is required. Until that happens, sellers may look to challenge immediate support at 85.30, with a potential move toward 84.80 if bearish pressure intensifies.

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 weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

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.