NZD/JPY Price Analysis: Pair Steadies with Bullish Tone Ahead of Asian Session
|- NZD/JPY trades near the 87.50 zone, maintaining a bullish tone.
- Momentum remains positive, supported by short-term averages.
- Key support sits around 86.90, with resistance near 87.95.
The NZD/JPY pair has seen a strong upside push, trading near the 87.50 zone with around 0.80% gains ahead of the Asian session on Tuesday. The pair is positioned mid-range within its recent fluctuation, reflecting a steady bullish tone as traders assess broader risk sentiment. Key technical indicators are signaling mixed but generally positive momentum, adding to the overall buy sentiment.
Technically, the pair shows a bullish outlook, supported by the Moving Average Convergence Divergence (MACD), which confirms upward momentum, and the Relative Strength Index (RSI), hovering in the 60s, reflecting neutral but slightly supportive conditions. Meanwhile, the Stochastic %K (14, 3, 3) remains in the 80s, also hinting at neutral bias, while the Commodity Channel Index (CCI) around the 190s and the Ultimate Oscillator (7, 14, 28) in the 50s add further stability to the pair's stance.
In terms of moving averages, the shorter-term 10-day Simple Moving Average (SMA) and 10-day Exponential Moving Average (EMA) both align with the broader buy signal, reinforcing the positive tone seen in the 20-day and 100-day SMAs. However, the longer-term 200-day SMA presents a contrasting signal, suggesting caution over the medium term.
Immediate support is identified around 86.90, followed by deeper levels at 86.23 and 86.15. On the upside, resistance is likely near 87.64, with a stronger barrier around 87.96, which could limit further gains in the near term.
Daily Chart
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