NZD/JPY Price Analysis: Defies “double top” to refresh six-month high near 72.00
|- NZD/JPY fills the late-January gap to the north while taking the bids near multi-month high.
- Bullish MACD, break of previous tops suggest further upside to the yearly peak.
- Overbought RSI may play its role if prices slip below 71.60.
NZD/JPY is on the front foot around 71.95, up 0.47% on a day, during the early Wednesday. In doing so, the kiwi cross refreshes the six-month high following its sustained break above tops marked in June and July.
The upside momentum also takes clues from bullish MACD to suggest further rise towards the yearly high of 73.34. Though, 72.75 and 73.00 may offer intermediate resistances during the upside.
In a case where the bulls refrain from stepping back around 73.35, highs marked during late-2019 close to 73.55 will be in the spotlight.
Alternatively, overbought RSI conditions can drag the sellers’ attention if the quote slips below the resistance-turned-into-support around 71.60.
In doing so, the early-August high near 70.60 may flash on their radars. However, the bears might not be convinced unless the NZD/JPY prices stay beyond the 200-day SMA level of 68.89.
NZD/JPY daily chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.