NZD/JPY Price Analysis: Seller control the short term,overall trend remains bullist

The daily RSI reveals that market momentum is currently dominated by sellers.
The daily MACD presents flat green bars, indicating a lack of buying traction.
In the hourly chart, the RSI shows slight improvement, suggesting sellers losing some ground.

Patricio Martín FXStreet

The NZD/JPY stabilized at around 90.94 and managed to clear most of its daily losses. However, in the shorter time frames, there are signs of a bullish recovery.

The daily Relative Strength Index (RSI) hovers in the negative territory. The most recent reading fell to 48, reflecting a market momentum currently dominated by sellers. Furthermore, the Moving Average Convergence Divergence (MACD) histogram prints flat green bars, indicating a lack of positive momentum.

NZD/JPY daily chart

Transitioning to the hourly chart, the RSI seems to confirm the tepid sentiment observed on the daily chart. The most recent reading also lands in the 48 range. Nevertheless, signs of slight improvement towards the positive territory appear in the RSI and the latest session reading climbed from a preceding low of 41. Moreover, the MACD histogram on the hourly chart prints green bars, suggesting a possible pick-up in positive momentum.

NZD/JPY hourly chart

The broader outlook, on the other hand, suggests that the bulls control the overall trend, but as long as the buyers fail to reclaim the 20-day Simple Moving Average (SMA), the short-term outlook will remain tilted in favor of the buyers.

NZD/JPY

Overview
Today last price	90.98
Today Daily Change	-0.09
Today Daily Change %	-0.10
Today daily open	91.07

Trends
Daily SMA20	91.12
Daily SMA50	91.39
Daily SMA100	90.65
Daily SMA200	89.3

Levels
Previous Daily High	91.6
Previous Daily Low	90.84
Previous Weekly High	92.37
Previous Weekly Low	90.7
Previous Monthly High	92.2
Previous Monthly Low	90.17
Daily Fibonacci 38.2%	91.31
Daily Fibonacci 61.8%	91.13
Daily Pivot Point S1	90.74
Daily Pivot Point S2	90.4
Daily Pivot Point S3	89.97
Daily Pivot Point R1	91.51
Daily Pivot Point R2	91.94
Daily Pivot Point R3	92.27

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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