NZD/JPY Price Analysis: Bulls dominate market after volatile session
|- NZD/JPY stands at 90.62, witnessing mild gains of 0.10% after trading in an 89.90-90-80 range on Thursday.
- Key indicators show positive momentum on the daily chart, favoring the bulls.
- Fundamentals are also favoring the NZD over the JPY.
In Thursday's session, the NZD/JPY pair is currently trading at 90.62, showing mild gains and reaching a high of 90.808. The landscape appears bullish, with both daily charts and a four-hour outlook indicating that the bulls are firmly holding their ground. The daily and four-hour landscape shows sellers being overpowered, keeping the pair aloft in the current range. Fundamentally speaking, both currencies were lately affected by the set of weak Chinese data. In addition, the lack of guidance of the Bank of Japan also adds pressure to the JPY.
Based on the daily chart, the scales seem to favor the bulls at this moment. The positive slope of the Relative Strength Index (RSI), confirming its foothold in the positive territory, signifies an ongoing initiation of buying pressure. This inclination towards bullish momentum is echoed in the Moving Average Convergence Divergence (MACD), as evidenced by the intensifying green bars that indicate growing bullish dominance. In addition, the pair is still above its 20, 100, and 200-day Simple Moving Averages (SMAs), reinforcing the overarching control of the bulls on a wider time horizon.
Coming to the shorter timeframe, the four-hour chart paints a similar picture as the daily chart, with the bulls holding their ground firmly. With the four-hour RSI navigating positively and displaying an upswing, the buying impetus cannot be overlooked. Furthermore, the four-hour MACD follows suit, with escalating green bars.
NZD/JPY technical levels
NZD/JPY daily chart
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