NZD/JPY Price Analysis:Sellers take a pause, upwards correction in sight

NZD/JPY pair has been moving downwards in the last week, but today's price action showed a sharp uptick.
The RSI is in a negative area, but its value is sharply rising suggesting that buying pressure is recovering.
The MACD suggests that selling pressure is flattening.

Patricio Martín FXStreet

Monday's session saw the NZD/JPY pair rise by 0.60% to 87.20. However, the overall technical outlook for the NZD/JPY remains negative due to the losses seen in the last week as sellers seem to be taking a breather.

The RSI is currently at 36, which is still near the oversold area. However, the slope of the RSI is sharply rising, which suggests that buying pressure is recovering. The MACD is also red and flat, indicating that selling pressure is flat. This suggests that last week’s downward movements became over-extended and the sellers paused to take a breather. This also gives light to the buyers as the cross might continue consolidating upwards.

NZD/JPY daily chart

Supports to the downside are located at 86.30, 86.60, and 87.00, while resistances are seen at 87.30, 87.60, and 87.90.

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD seems vulnerable near mid-1.3500s; UK CPI/FOMC Minutes awaited

The GBP/USD pair struggles to capitalize on the previous day's late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.

Gold regains positive traction after Tuesday's over 2% slump as traders await FOMC Minutes

Gold gains some positive traction during the Asian session on Wednesday and recovers a part of the previous day's heavy losses more than 2%, to the $4,843-4,842 region or a nearly two-week low. The intraday move higher could be attributed to repositioning trade ahead of the release of the FOMC Minutes.

Top Crypto Gainers: Jito drops, Morpho holds steady, Convex Finance climbs

Decentralized Finance tokens, including Jito, Morpho, and Convex Finance, rank among the top-performing crypto assets over the last 24 hours. Jito dips on Wednesday after rallying 22% the previous day on the launch of a new mainnet node.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.